Investors looking at whether stocks can hold

NEW YORK -- Investors get back to work next week and will be looking to see whether stocks can hold or perhaps extend their gains in the five remaining weeks of the year.

With the all-important holiday shopping season having begun in earnest, investors will be looking to retailers for signs of how consumer spending is registering. Consumers account for about two-thirds of economic activity and therefore can hold considerable sway over corporate profits.

In the coming week, investors will likely pay attention to sales figures released by retailers, particularly data on same-store sales, an important measure of sales at stores open at least a year.

This week, the markets were mixed; the Dow Jones industrial average fell 0.51 percent and the Standard & Poor's 500 index fell 0.02 percent, while the Nasdaq composite index rose 0.59 percent.

Investors are hoping that the economy cools slowly so corporate profits hold up and the stock market, which has showed robust gains in October and November, can maintain its momentum.

Wall Street has been poring over economic data as it arrives in an attempt to determine whether the economy can achieve a soft landing or whether it might tip into recession.

Economic data

Next week begins with the Dallas Federal Reserve expected to release a report on regional manufacturing Monday.

On Tuesday, the Commerce Department is expected to issue a report on durable goods orders, which offers a look at the manufacturing sector. The agency is also expected to release its report on sales of existing homes for October.

The Conference Board's consumer confidence report is also due Tuesday. The mood of consumers is particularly important in the final months of the year at it can affect how much people spend at the holidays.

The Richmond Federal Reserve is also expected to report on regional manufacturing.

Wednesday brings the Commerce Department's preliminary reading on the third quarter's gross domestic product, which is the broadest measure of the economy.

The Commerce Department is also expected to issue a report on new home sales for October.

Thursday brings Commerce Department reports on personal income and spending.

Weekly figures on jobless claims are expected from the Labor Department. In October, the nation's unemployment level fell to its lowest level in five years.

Then on Friday, the Commerce Department expects to weigh in again with figures on construction spending.