After starting the first half of the week in volatile fashion, the major stock
indices in the U.S. are finishing the latter half with more positive trends. As
the trading session approached close today, the major market index composites
are posting green and it appears that the Dow Jones may close out in positive
territory for two consecutive days. If this happens, it would be the first time
the index closed in the green on two consecutive days in over a month. Just as
stock index trends have been mixed this week, so too were the economic reports
posting today. According to the University of Michigans consumer sentiment
survey, the consumer sentiment index dropped significantly from 63.7 to 54.9.
This reading equaled the lowest level for the index in 30 years. Other news
posting today was better. The Commerce Department released the retail sales
report for July and the data was better than expected. Retail sales rose .5
percent in July. The Department also reported that business inventories rose .3
percent in June as well. European stocks did better today and this also helped
boost investor confidence. The dollar moved ahead of the euro and gold prices
dropped lower. Just prior to official close for todays session, the major
indices were green across the board. The Dow Jones was higher by 1.10 percent at
11,266. The Nasdaq was higher by .72% at 2,510 and the S&P 500 was higher by .54
percent at 1,179. Frank Matto
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