SmarTrend Market Close Wrap-Up — December 7, 2011
“The major US equity indices closed mixed Wednesday as the Dow broke though into positive territory and the other averages came off their worst levels. The market opened lower and fought to get to positive territory by the end of the session. There had been little in the way of help, as little economic data had been reported in the US In Europe, the news had been fairly quiet as well, as everyone awaits the upcoming EU summit. In corporate news, Citigroup (NYSE:C) CEO Vikram Pandit announced that the bank plans to cut 4500 jobs, or about 1.5% of its global workforce of 267000, over the next few quarters. And, JC Penney Company (NYSE:JCP) and Martha Stewart Living Omnimedia (NYSE:MSO) announced they have entered into a strategic alliance to create a unique and comprehensive retail experience.