It was a choppy sea-saw day for the major stock market index composites
yesterday. The day started off positively with futures positioned in positive
territory. Trends for stocks moved in on positive ground during the initial half
of the trading session as investors made optimistic assumptions regarding what
the Feds might do with respect to economic stimulation. The negative onslaught
that stocks suffered on Monday appears now to be more of a knee jerk reaction to
the recent credit downgrade that the U.S. endured. Investors, however, felt more
adamant that the Feds would decide to provide further quantitative easing in
light of the negative action that transpired for stocks on Monday in the U.S.
This did not happen and stock indices faltered as word spread relevant to the
Fed policy statements. The rebound regained footing though and the primary stock
composites ended their respective sessions green. The DJIA, Nasdaq and S&P 500
closed out the last session on positive ground for the day. Specifically, the
Dow Jones finished higher by almost 400 points to close out at 11,239.77. The
Nasdaq closed out higher by 124.83 points and finished at 2,482.52 and the S&P
500 closed out the session higher by 53.07 points at 1,172.53. The Feds did
promise to keep interest rates low through 2013. This word helped to boost
investor sentiment on the day. On the docket for today will be the weekly report
from the Mortgage Bankers Association. The Energy Department will post its
weekly report on crude oil inventories and investors will receive data relevant
to wholesale inventories. Frank Matto
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