[video] Quick Take: Consumer Confidence Bumps Stocks Higher
NEW YORK (TheStreet) -- All three major U.S. indices are higher on this last trading day of 2013. TheStreet's Debra Borchardt spoke to Keith Bliss, senior vice president of Cuttone & Company, about the prospects for January.
Borchardt said the latest consumer sentiment reading released by The Conference Board helped boost equity gains. The index came in at 78.1, above expectations for an index reading of 77.1.
Bliss said that sometimes there is heavy volume on the last trading day of the year. However, because it was such a good year for so many investors, the volume has remained light.
He added that one of his firm's quantitative models triggered a positive momentum indicator for stocks. He found this ironic since it came on the final trading day of an already marvelous, momentum-filled year.
Bliss said he would be looking to put money to work in January, and he suspects it will be a busy month for many others as well.
He concluded that plenty of investors have been on the sidelines for the past several months. Coming into the new year, many with even more cash than before will be looking to put that money to work right away.
-- Written by Bret Kenwell in Petoskey, Mich.