Another day on Wall Street, another day in the red. The major stock market
index composites closed last session on the negative side of break-even once
again. The DJIA, as well as the Nasdaq and the S&P 500 all closed out the day in
negative territory. The DJI closed lower by 2.19 percent or 265.87 at 11,866.62.
This close was significant in that it dropped the Dow below the 12,000 mark. The
Nasdaq fell lower on the day by 2.75 percent or 75.37 to close out at 2,669.24.
The S&P 500 closed out the day red by 2.56 percent or 32.89 to finish at
1,254.05. Trends were choppy during the session, but moved decisively lower. The
negative economic reports continued to add up and apply negative pressure to
stock trends. The culmination of the debt deal in the U.S. was not enough to
boost investor confidence. Economic worries persist and are reflected by the
trend of negative days in the marketplace. The Dow Jones Industrial Average has
spent eight days now on the negative side of breakeven, and nothing on the
economic horizon implies that this trend will be broken any time soon. Scheduled
for today, the June factory orders report will be released via the Commerce
Department. The service sector index will be released via the Institute for
Supply Management and ADP will provide a private sector employment report. Many
are already looking ahead to the jobs data that will post at the end of this
week. Frank Matto
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