Stocks indices continue to travel an inconsistent path in the U.S. today.
Futures set the stage for a flat to negative open but stock indices quickly
rebound after opening bell. Trends continued in positive territory for only a
short time and by the mid-day mark, indices were turning red. The Dow Jones, as
well as the Nasdaq and the S&P 500, were posting values on the negative side of
break-even at this point. Overseas markets are turning in mixed results and this
is muddying the waters for investors on Wall Street. Economic reports in the
U.S. posting today are mixed as well. Mixed data stemmed from the Federal
Housing Finance Agency revealing that although home prices climbed in June, they
are still negative by 4.3 percent on an annual basis. Durable goods orders rose
4 percent in July which was much higher than what most economists were
anticipating. This was a good sign for those on Wall Street as durable goods
orders often represent a form of confidence that businesses have with future
economic potential. At the halfway point in the session, the DJIA is red by .23
percent at 11,151. The Nasdaq is red by .74 percent at 2,428 and the S&P 500 is
red by .26 percent at 1,159. Oil prices are gaining and the dollar is moving
forward against a handful of other currencies as well. Gold futures continue to
drop back. Frank Matto
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