The major stock market index composites finished on top last week and investors
on Wall Street hope to see similar trends continue this trading week. All three
primary composites closed out the last trading session green in the U.S. The Dow
Jones Industrial Average was green by 1.21 percent at 11,284.54. The Nasdaq
closed green by 2.49 percent at 2,479.85. The S&P 500 closed out the session
green by 1.51 percent at 1,176.80. All three indices finished off the last week
on top overall for the first time in several weeks. Federal Reserve Chairman Ben
Bernanke closed out last week by stating that the central bank would consider
ways to address concerns relevant to economic progress in the U.S. He stopped
short of offering QE3 which initially disappointed some. It will be interesting
to see how investors respond after having the weekend to process the information
further. The schedule this week is a busy one. Om Monday, the Commerce
Department will post income and spending data. On Tuesday, the S&P Case Schiller
Home Price Index for June will post. Expectations are negative for this report.
In addition Tuesday, the Conference Board will release consumer confidence data.
Again, expectations for this data are negative. Scheduled for Wednesday will be
the Chicago Purchasing Managers Index from the Institute for Supply Management.
A reading above 50 is considered a positive sign, but hopes are fading that a
reading above this level will be observed. Factory orders for July will post
this day as well. Also on Wednesday, payroll data will post via the ADP National
Employment report. Thursday will bring about the ISM Manufacturing Index for
August, Auto Sales data from major manufacturers, Julys construction spending
data and initial jobless claims. The trading week will wrap up with the August
jobs report from the Labor Department on Friday. The unemployment rate is
expected to hold at 9.1 percent. Frank Matto
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