Todays stock market action continues to roll along with the roller coaster ride
that has been the stock market this week. The DJIA, Nasdaq and S&P 500 have
touched significant lows this week only to rebound higher and then skid lower
once again today. The market climate is volatile and trends are choppy. Investor
confidence is wavering and most are having difficulty processing directionality
with current market trends. The boost of confidence that was passed on yesterday
after the Feds announced low interest rates through 2013 has dissipated and fear
is what remains on Wall Street. Investors are still worried about the faltering
economy and the recent U.S. downgrade that transpired last week is heightening
concerns. The fear index is at a relative high and the major index composites
are plummeting as a result. As the trading session approached the halfway point
in the today, the major market index composites were all posting red. The Dow
Jones dropped over 400 points. The stock market is well on its way towards
another consecutive negative week overall. Todays economic posts have been less
than stellar as well. The government reported that wholesale inventories only
rose .6 percent in June which was less than anticipated. European markets are
currently lower but Asian markets finished higher. Currently, the DJIA is lower
by 3.89 percent at 10,803 and the Nasdaq is lower by 3.23 percent at 2,402. The
S&P 500 is red as well by 3.69 percent at 1,129. The dollar, oil and gold are
all on positive tracks today. Frank Matto
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