Stock market trends were volatile during the last session in the U.S. and the
major index composites ended the session mixed. The Dow Jones Industrial Average
ended the day up and the Nasdaq and S&P 500 ended lower. The DJIA was down by
.54 percent on the day and closed at 11,444.61. The Nasdaq closed out red by .94
percent and finished off the day at 2,532.41. The S&P 500 closed out in negative
territory as well by .06 percent at 1,199.38. The good news came early as the
jobs data posted and was initially received as positive. The job market gained
strength by adding 117,000 jobs in July. This number far surpassed what most
economists were anticipating. The national unemployment rate also ratcheted
lower by a tenth of a percent. This economic news skewed positive but when
compared to the number of jobs that many experts feel is necessary to keep pace
with population growth, it still fell short. Economists feel that at least
150,000 jobs need to be added on a monthly basis to keep pace with population
growth. This news was not enough to make those on Wall Street forget the other
inadequate reports that posted within the last six open trading days. The weight
of the weaker GDP, manufacturing and consumer spending reports continue to weigh
on investors not to mention the worries stemming from global debt concerns. The
week ended as one of the worst weeks for stock trends in recent years. All three
major indices were negative for the week. The DJI was lower by almost 6 percent.
The Nasdaq lower by 8 percent and the S&P 500 lower by 7 percent for the week.
To top it off, the U.S. is at risk of losing its triple A credit rating. Frank
Matto
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