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At mid day the major market indexes were trending mixed. Stocks initially rose Monday morning with news that the founder and leader of al Qaeda, Osama bin Laden, was dead. The news had an instant affect on the market and Wall Street observers noted the stock future boost, as well as a drop in the price of commodities such as oil, gold, and silver. Beyond bin Laden’s death on Monday, a flurry of coporate mergers in combination with strong first quarter earnings from the previous month may have also pushed the market forward. The initial boost in the market was short lived and by early afternoon the market was flat. World markets will have some delayed response to the news of bin Laden’s death as Britain’s FTSE 100, the Hang Seng in Hong Kong and the Shanghai Composite are all closed for Holiday today. On the economic calendar for later this week the Treasury Department is expected to release details of it’s quarterly refunding on Wednesday and investors will look for the April jobs report, due out on Friday, as a gauge of economic activity. Approaching close the major market indexes are all trending in the red. The Dow dropped 4.50 points or 0.04% to 12806.04. The Nasdaq lost 3.28 points or 0.115 to 2870.22. The S&P 500 decreased by 1.32 points or 0.09% to 1362.33. The Treasuries 10 year yield was down 0.0080 to 3.29%. Oil gained 0.72 to $113.58 a barrel. Gold dropped 3.40 to $1553.00 an ounce. Silver lost 1.899 to $46.70 an ounce. Author: Pamela Frost
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