The primary stock indices in the United States were able to avoid the mixed
close yesterday as the DJIA, Nasdaq and S&P 500 finished the session green.
August was a volatile month overall for stocks and although the ending was
stronger, the month overall was negative. The credit downgrade that the U.S.
endured earlier this month led to a major sell off and stocks were not able to
recover completely. For the month of August, the Dow Jones Industrial Average
was negative by over 4 percent. The Nasdaq was negative for the month of August
by over 6 percent and the S&P 500 was negative for the month by 5.5 percent.
Economic data has been mixed this month and yesterdays posts followed suit.
According to the ADP report, private sector payrolls rose by 91,000 in August,
but this number was below what most analysts were anticipating. Better news
stemmed from the Challenger, Gray & Christmas data which conveyed the number of
planned job cuts in August as dropping by 23 percent. The Commerce Department
stated that the June factory orders notched higher by 2.4 percent which was
better than expected and the Chicago purchasing managers index was still above
50 at 56.5 for July. Primary indices ended the day green. The Dow Jones was
green by .46 percent at 11,613.53. The Nasdaq was green by .13 percent at
2,579.46 and the S&P 500 was green by .49 percent at 1,218.89. The dollar was
stronger versus the euro and the British pound and gold futures climbed the
ladder. Frank Matto
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