CLOSING BELL

Dow 10572.02  -11.94, Nasdaq 2308.71  +0.29, S&P 1136.52  +3.53 

For the most part the market lacked direction today, but managed to rally off the session lows.

Economic data was mixed today and the S&P hit session lows after the release on Pending Home Sales.  November Pending Home Sales came in at -16.0% month-over-month vs. the -2.0% consensus, Oct was revised up to +3.9% from +3.7%.  The Nov reading broke a nine-month streak of increases in pending home sales.  With the Fed due to end its purchases of MBS by the end of Q1, and the tax credit due to expire April 30, the reports on housing in coming months will be increasingly important.

November Factory Orders came in at +1.1% to $365.3 bln vs. the +0.5% consensus, the seventh uptick in the last eight months; Oct was revised up to +0.8% from +0.6%.

Airlines and Autos were a primary source of support this session.  Airlines were up +7.28% and Autos were up +5.70%.

Autos rallied today on news that Ford (F) 10.96, +0.68 had a strong session, hitting a new 52 week high, thanks to news that its sales for December surged approximately +33%, which is far better than the 13% increase that many on the Street had expected.

The Financial sector also did well today. The sector spiked +1.7% as diversified banks climbed +2.6%.