Negative news posted yesterday regarding housing and since real estate is often
viewed as an indicator of the overall health of our economy, investors took
pause to process the data. Sales of existing homes dropped lower and median home
sale prices dropped again as well. This data was not enough to push index
composites into the red for the day however. It was also not enough to push
indices lower prior to opening today as tracking of stock futures prior to
opening bell were in the green as well. U.S. stocks were positioned for minor
gains this morning with the possibility of a fourth consecutive day of positive
trending. In mid morning trading the market began to fluctuate from small gains
to modest losses. With little economic data due out today, investors will digest
a flurry of earnings reports. Japan continues to work towards disaster recovery
and nuclear containment and news of their progress has been positive for world
markets and increased investors confidence. The military action in Libya
continues and the lack of headlines has been treated as a positive indicator
that the situation has not escalated. Approaching mid day the major market
indexes are trending in the red with modest losses. The Dow dropped 21.39 points
or 0.18% to 12015.14. The Nasdaq declined by 8.18 points or 0.30% to 2684.10.
The S&P 500 decreased by 4.07 points or 0.32% to 1294.10. The Treasuries 10-year
yield gained 0.01 to 3.34%. Oil increased 0.24 to $102.57 a barrel. The U.S.
dollar gained 0.0014 to the Euro at $1.42. Author: Pamela Frost
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