Stocks posted mixed results during the last U.S. trading session. The primary
index composites posted mixed. Officially, the Dow Jones Industrial Average
closed out green by .07 percent at 11,408.66. The S&P 500 closed out the last
session in negative territory by .86 percent at 2,590.24. The S&P 500 closed out
red by .17 percent at 1,202.09. The U.S. indices moved higher during the initial
half of the session as investors felt more confident that the Central Banks
would work collaboratively to support the eurozone, specifically Greece, with
its debt problems. The hopes of the bailout were helping to keep investor
optimism higher, at least during the first half of the session. Economic data
posting in the U.S. last session was mixed. Housing starts data posted at a
seasonally adjusted rate of 571,000. This rate was lower than what most
economists had anticipated. On the flip side for the housing market, permits
posted higher than what most economists had anticipated. Permits posted at an
annualized rate of 620,000 which was about 35,000 better than what was expected
for August. As the latter half of the session progressed, the rally tempered and
index composites struggled to hold positive ground. The only major composite to
do so was the Dow Jones Industrial Average. The same topic that helped trends
initially, eventually lost strength and so cautiousness set in for investors
once again. The dollar ultimately fell back versus the euro, British pound and
Japanese yen. Gold pushed higher, as did oil price per barrel last session.
Frank Matto
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