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Index composites were posting green trends after open this morning, again at lunch time, but showed mixed results as the day approached session close in the U.S. The Dow Jones Industrial Average and the S&P 500 were positive as stocks positioned for their fourth consecutive day of advances. This would not happen however. Home based economic reports posting this day have been positive and are keeping the overseas posts, that are not as positive, at bay. Economic reports today revealed that consumer spending and incomes rose. Individual spending increased and pending home sales rose as well. According to Commerce Department statistics that posted today, consumer spending bumped higher by .7 percent and personal incomes rose by .3 percent. The problem with this good news is that if you take into account the higher prices for gas, you might find that you end up on the negative side of break-even. In addition to this ‘mixed’ news, the National Association of Realtors reported that its index of sales agreements for homes rose 2.1 percent last last January to a reading of 90.8. Relatively good news for the housing market. This increase was much higher than what economists were predicting. This report should be an indicator of good things to come for the housing market and should provide positive sentiment for the market place in general. The dollar fell versus the euro today and moved up versus the British pound and the Japanese yen. Gold futures were dropping today. Stocks sold off in the final minutes of trading this this day and left the major indices in the red across the tracking board. The Dow Jones finished red by .19 percent at 12,197.88. The Nasdaq finished red at .45 percent at 2730.68 and the S&P 500 ended the session red by .27 percent at 1310.19. Author: Frank Matto
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