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Stocks Close Lower as Taper Talk Reemerges

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Stocks Close Lower as Taper Talk Reemerges

Stocks in the US started the trading session on a mixed note, as investors continued to be leery given the recent economic data. Monday’s stronger than expected ISM and construction spending led investors to believe that the FOMC could consider tapering its bond purchase program prior to Yellen’s first meeting as head of the Fed in March. Stocks will likely experience light volume ahead of Friday’s employment report which could shape the direction of stocks for the balance of 2013.

Sales on Cyber Monday jumped slightly more than 16% as many shoppers placed orders using mobile devices. Cyber Monday Internet sales climbed 16% from last year to a record $2.29 billion according to Adobe, with Internet transactions for the five-day Thanksgiving shopping period jumping 26% to $7.4 billion. Sales from mobile devices soared 80% on Monday and accounted for 18.3% of the total.

Car and Truck sales also climbed in November and dealers saw robust traffic during the holiday weekend. For the latest month, Chrysler posted a 16% jump in overall sales, while Ford reported a 7.1% increase. For Chrysler, much of the sales was attributed to a strong debut for the auto maker’s new Jeep Cherokee, which began to ship to dealers late in October. Ford’s sales growth was led by strong demand for the F-Series and E-Series trucks, as well as the Fusion and Fiesta cars.

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