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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