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dow2664 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 economist’s 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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