At mid day the major indexes were trending in the red as a multitude of factors
weighed on the market. In the forefront is increased concern over skyrocketing
commodity prices. Oil has reached a new two year high pushing above $113 a
barrel. Precious metals are also rallying with gold topping over $1471 an ounce
and silver setting a 30 year high that climbed over the $40 an ounce mark. As
commodities continue to steal the headlines, investors are anxiously awaiting
the final word on a potential government shut down. The clock is ticking as
negotiations on a budget for the remainder of the fiscal year for 2011 are under
way. If the White House and Congress can not reach an agreement by midnight the
federal government could face a shut down. With an absence of any new reports on
the economic calendar or corporate releases, investors are sitting on the
sidelines with little action posting and the indexes clinging close to the
neutral line. Approaching close the major market indexes are trending in the red
with the Dow showing a loss of 29.44 points or 0.24% to 12380.05. The Nasdaq
decreased by 15.73 points or 0.56% to 2780.41. The S&P 500 declined by 5.34
points or 0.40% to 1328.17. The U.S. Treasuries 10-year yield gained 0.02 to
3.57%. Oil soared, gaining 2.52 to $112.82 a barrel. Gold gained 14.80 to
1474.10 an ounce. Author: Pamela Frost
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