The major market index composites struggled today. The DJIA was red at the
mid-day point as were the Nasdaq and the S&P 500. The big news today was the
culmination of the debt deal vote. The House passed the bill and the Senate
followed up with their on passing vote today. The U.S. debt ceiling has been
raised and as President Obama signed the bill into law. The passage of the bill
resulted in a minor spike up for the Dow Jones trends, but poor economic posts
are still dragging the indices lower overall. Negative pressure was applied to
stock trends today due to the weaker than expected report on consumer spending.
The Commerce Department reported today that personal spending dropped by .2
percent. This was in contrast to the .1 percent rise the most economists were
expecting. This, paired with the hangover feeling stemming from last weeks GDP
report and yesterdays poor manufacturing report held indices lower on the day.
Investor confidence is still relatively low and fears persist regarding the
slowing economic recovery. Every additional economic post that skews negative is
another reinforcing factor that promotes investor anxieties. Trends were choppy
today as well and investors felt more apprehensive regarding riskier stock
options. Safe haven gold moved higher today and hit an intraday trading high.
Oil price per barrel moved higher this day as well. As the end of day close
finalized in the U.S. market, the Dow Jones Industrial Average was red by over
265 points to close out at 11,867. The Nasdaq was lower by over 75 points to
finish off at 2,699 and the S&P 500 was on the negative side of breakeven by
over 32 points to close out at 1,254. Frank Matto
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