The damage estimates due to Irene continued to move higher this morning as Wall
Street prepared to ring the opening bell on time. It was unclear leading up to
today if the NYSE would run as usual due to the debilitating effects of Irene.
The bell went off as scheduled and now, in addition to the recovery efforts
along the East Coast, attention will refocus on jobs and the continuing debt
crisis in Europe. On the economic calendar for today, reports indicated that
personal income rose 0.3% in July, just below the anticipated 0.4% and spending
climbed 0.8% for the month, exceeding economists expectations of 0.5%. The
National Association of Realtors reported that pending home sales fell 1.3% in
June, beating the anticipated 1.4%. U.S. stock futures were posting green prior
to opening bell this morning and as the session approaches the mid-day mark, the
primary stock indexes continue to trend in the green. The Dow gained 187.43
points or 1.72% to 11,479. The Nasdaq rose 63.09 points or 2.54% to 2,543. The
S&P increased 24.25 points or 2.06% to 1,201. The U.S. Treasuries 10 year yield
gained 0.08 to 2.27%. Oil rose 1.85 or 2.17% to $87.25 a barrel. Gold dropped
3.30 or 0.18% to $1793.70. Author: Pamela Frost
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