Stock market action reveals a stage on which a rally is presenting today. The
primary index composites in the U.S. are moving higher this day and the big
three indices are going green. The DJIA, NAsdaq and S&P 500 are all moving in
positive territory as of the halfway point in the trading session today. Cues
continue to stem from overseas markets and the cues are pushing optimism in the
global marketplace. Asian markets ended stronger today and European markets are
gaining as their respective session draws to a close. Positive manufacturing
data is coming in from overseas, particularly from Germany and China. The
reports were better than expected and this gave a boost of confidence to world
traders. On the negative side of the coin today, the Commerce Department
reported that new home sales figures in July were lower by .7 percent. The
negative trend in the housing sector continues and puts a damp blanket on an
otherwise positive first half of the trading day in the U.S. At mid-day, the Dow
Jones was posting higher by 1.82 percent at 11,052.53. The Nasdaq was higher by
2.39 percent at 2,401.40 and the S&P 500 was green by 2.03 percent at 1,146.61.
The dollar was dropping lower a handful of primary currencies and gold futures
were working their way back. Oil price per barrel was gaining. Overall, the
indices appeared to take comfort from the sense of stabilization garnered from
the overseas manufacturing reports. Frank Matto
No comments:
Post a Comment