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Current DateTime: 08:14:07 29 Nov 2009
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Expiration DateTime: 11/29/2009 8:15:22 AM

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Current DateTime: 08:14:08 29 Nov 2009
LinksList Documentid: 30456179
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CNBC's Bob Pisani reports on the trading day from the NYSE.
CNBC's Bob Pisani reports on the trading day from the NYSE.
CNBC's Bob Pisani reports on the trading day from the NYSE.
Bob Pisani reports on the trading day from the NYSE.
Bob Pisani reports on the trading day from the NYSE.
Bob Pisani reports on the trading day from the NYSE.
Bob Pisani reports on the trading day from the NYSE
CNBC's Bob Pisani reports on the trading day from the NYSE.

Trader Talk

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Dec.27
9:10 AM ET
Thursday, 27 Dec 2007
Bhutto Death, Durable Goods Pressure S&P

S&P futures dropped 5 points on the reported death of Benazir Bhutto after a suicide bombing at a rally in Pakistan, then an additional 2 points as the durable goods report was below expectations.

Reading newspaper headlines (and a few analyst reports) the two days after Christmas, you would think some disaster has befallen the American economy. Retail sales were reportedly in the doldrums; everyone seemed in a foul mood.

But according to MasterCard SpendingPulse, total U.S. retail sales, excluding automobile sales, rose 3.6% for the holiday season, spanning the day after Thanksgiving to midnight Monday. Maybe that is a tad below expectations, but it is hardly a disaster. E-commerce had a particularly strong year, posting a 22.4% gain in sales from the same period a year ago.

Personal spending remains strong -- in fact, it grew at the fastest pace in three-and-a-half years.

S&P 500 closed at its highest levels since December 10 and has been up five of the last six days; up 5.6% year to date.

Meantime, retail stocks are just above their lowest levels for the year.

Elsewhere:

1) Citigroup [C  Loading...      ()   ] down 2 percent pre-open as Goldman Sachs analyst William Tanona lowered estimates; he said Citi may cut its dividend by 40 percent and may need to raise an additional $5 billion to $10 billion in capital.

2) Sallie Mae [SLM  Loading...      ()   ] down 10 percent pre-open, as it seeks to raise money through a $1.5 billion common stock, $1.0 billion mandatory convert preferred.



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Current DateTime: 08:14:08 29 Nov 2009
LinksList Documentid: 20477529
Expiration DateTime: 11/29/2009 8:15:09 AM

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