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dow2664 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 week’s GDP report and yesterday’s 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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