The primary stock indices in the U.S. lost steam as the trading session
progressed. The Dow Jones Industrial Average, Nasdaq and S&P 500 fell back as
the day progressed and this negative action was due, in part, to the diminishing
amount of confidence investors were feeling regarding the action plan to avoid
defaults European leaders were trying to iron out. The details of the plan are
unclear and the timeline is making many more nervous by the day. Stocks
retreated during the last trading session as a result and ended red across the
tracking boards. Specifically, the Dow Jones Industrial Average closed out the
day on the negative side of break-even by 1.61 percent at 11,010.90. The Nasdaq
finished the day negative by 2.17 percent at 2,491.58 and the S&P 500 was
negative by 2.07 percent at 1,151.06. Stock index trends experienced a steady
retreat during the trading session, closed out red, and ended the three day
streak of positive finishes for the primary U.S. stock composites. Thoughts of
recession on a global scale dominated the thoughts of investors during the
session and ultimately pulled stock trends lower. Additional negative news
posted via the durable goods orders report yesterday. The governments report
relayed that durable goods orders for August were lower by .1 percent. The
dollar lost strength to the euro and Japanese yen and precious metal gold
dropped lower during the session. Frank Matto
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