Stocks closed lower in a quiet session as the Dow lost 23 points to 19,918. Its all quiet on the western front.
America’s economic relationship with China could get interesting after President elect Donald Trump named UC Irvine economics professor Peter Navarro to head up the White House National Trade Council. Mr. Navarro’s appointment raised eyebrows in Asia because he has been an outspoken critic of trade deals with China and how they harm US workers. The message is clear that trade deals and policy should be geared toward creating or bringing back manufacturing jobs to the heartland. Prof. Navarro recently made a documentary called “Death by China” which addresses the problems with current US and China trade.
Speaking of imports and exports, the Seattle-Tacoma port complex had the strongest November in 5 years as imports were up 6% while exports were up 14%. Top imports were toys, clothes and furniture while top exports were apples, logs/forest products and potatoes.
The US economy rose at a 3.5% annual rate in Q3 according to the Commerce Department’s latest GDP revision. This beats estimates calling for a 3.3% gain. In other economic news durable goods orders fell 4.6% in November while core capital goods orders, a proxy for business investment plans, advanced 0.9% which was better than expected.
Markets will be open tomorrow but closed on Monday the 26th.