The economic worries continue to fester in the U.S. and the major stock indices
moved lower during todays session. The DJIA, Nasdaq and S&P 500 all moved in
negative territory during the first half of the trading session amid the drama
of the debt ceiling vote and spending cuts that are to follow. The negative
action observed in the marketplace today is a continuation of negative trends
that have been observed on Wall Street and investor worries grow larger. The
negatively skewed economic reports in the U.S. are piling and the fears of the
double dip have become a bit more tangible. According to the Commerce
Department, person income rose .1 percent in June but person spending slipped .2
percent. Consumers are still lacking confidence in the economic recovery and the
negative composite trends have not given reason to feel otherwise. The dollar
was dropping lower today versus a basket of other currencies and the benchmark
ten year treasury was on the rise. Oil price per barrel was gaining and gold
futures are on the rise. Gold futures hit another intraday high earlier in the
session. The negatively skewed economic reports are building and the sentiment
is represented in the red index composites. As the halfway point in the trading
session approached today, the Dow Jones Industrial Average was lower by .51
percent at 12,070.24. The Nasdaq was lower by .32 percent at 2,735.95 and the
S&P 500 was lower by .72 percent at 1,277.67. Frank Matto
No comments:
Post a Comment