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Stocks ended the day yesterday relatively flat. Major news to process stemmed from President Obama’s 2012 budget proposal. The goal of the proposal is to reduce the nation’s growing deficit. Specifically, the President proposed to cut the long term deficit by $1.1 trillion dollars. A staggering amount and enough to get the attention of the American public. Many Americans, and even congressional leaders, are keeping their eyes and ears opened to this proposal as costly government programs such as Medicare, Medicaid and Social Security are on the block for reform. Index composites ended the day mixed yesterday but were positioned better prior to opening bell this morning. Prior to opening bell for today’s trading session, the Dow, Nasdaq and S&P 500 were all posting green according to market tracking but turned lower in the morning as January retail sales fell below expectation. The Commerce Department reported that retails sales rose 0.3% in January but did not reach the anticipated 0.5% increase. Automobile and auto parts sales also missed the mark with a 0.3% increase that fell below the forecast of 0.6%. The Bureau of Labor Statistics reported that January’s price index for U.S. imports increased 1.5% and U.S. exports rose 1.2%. The National Association of Homebuilders is expected to release its housing market index for February, with an anticipated rise from 16 in January to 17 this month. Approaching mid day the major market indexes are all in the red. Dow has decreased by 32.54 points or 0.27% to 12235.65. Nasdaq is down 10.49 points or 0.37% to 2806.69. S&P 500 fell 3.63 points or 0.27% to 1328.69. The Treasuries 10-year yield has decreased 0.0020 to 3.61%. Oil has gained 0.28 to $85.07 a barrel. The U.S. dollar is down 0.0013 to the Euro at $1.35. Author: Pamela Frost
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