dow2664
Bernanke's comments yesterday allowed investors to reenter the market and help the major index composites rally to end the day. The momentum gained appeared to be short lived this morning as stocks were set for a mixed open. The Dow Jones Industrials were hovering right around breakeven just prior to opening bell according to pre-market tracking. Mid-day analysis revealed that the major index composites were trailing off and threatening to close in the red after three days of gains. The GDP report came out today via the Commerce Department and it revealed an annual growth percentage rate of 1.8 percent for the first quarter. This rate was a bit lower than the rate of growth that analysts had been anticipating. In addition to this report, the Labor Department added data that further clouded the economic outlooks. According to the Labor Department, weekly jobless claims were higher than expected again as last week's number for first time jobless applicants came in at 429,000. This news weighed on investors and brought sentiment down while the report from the National Association of Realtors was more positive than expected. The housing sector has struggled and most were not anticipating much from the pending home sales report for March. The report however was far better than expected. According to the National Association of Realtors, pending home sales in March notched higher by 5.1 percent. The dollar was falling this day and posted lower versus the euro, Japanese yen and the British pound. Gold and Silver were on a rally again. Both contract gold and contract silver were trending higher through mid day trading today. At the Mid-day mark, the Dow Jones Industrials were still green but the Nasdaq and the S&P 500 were in the red. The economic recovery seemed to stumble today and by day's end, the major market index composites in the U.S. were closing off in the green. The Dow Jones Industrial Average was higher by .61 percent at 12,767.93. The Nasdaq was higher by .09 percent at 2872.53 and the S&P 500 was higher by .35 percent at 1360.38. Author: Frank Matto
No comments:
Post a Comment