Stocks ended with modest gains, as a report that had consumer sentiment rising to 84.9, the highest level in more than five years, offseting postelection worries about the "fiscal cliff". However, three major stock indexes posted weekly losses. Walt Disney fell 5.96% after its quarterly revenue missed estimates. Also, disappointing earnings reports from J.C. Penney and Groupon weighed on sentiment, both sliding 4.8% and 29.6% respectively. Stock market will continue on an erratic path next week and for the foreseeable future until a deal is reached to avert steep tax increases and cuts in government spending. Other concerns include Europe’s regional debt trouble, and whether Greece would receive the next round of rescue funds, and China’s leadership transition, and whether it would stimulate its economy. On Wednesday, the FOMC releases minutes from its October meeting. Also, reports on retail sales and producer prices for October, consumer prices and regional manufacturing reports are slated for the next week.
