The bad news is that U.S. stock indices took a nose dive after opening bell on
Monday and then spent the majority of the trading session trending on the
negative side of break-even. The good news is that during the last hour of
trading yesterday, the Dow experienced noteworthy gains as it made its way
closer to positive ground just prior to official close for the day. This
morning, prior to opening bell, stock futures were posting green across the
tracking boards. Futures for the Dow Jones Industrial Average, Nasdaq, and S&P
500 were all posting green and positioned for the higher open this morning.
Despite the generally weak U.S. economic data, the Dow is in rally mode.
Investor worries have diminished somewhat due to central bank talks. The
European Central Bank is rumored to be collaborating with the Federal Reserve
and other central banks to infuse some financial stability into the eurozone
debt crisis situation. Stocks cut losses at the end of the last session due to
hopes pertaining to Greece. As the session reached the halfway point today, the
primary index composites in the U.S. were still in rally mode. The DJIA, along
with the Nasdaq and S&P 500 were posting green on tracking boards. The Federal
Reserve began its two day meeting today during which policy decisions will be
discussed and finalized. Data in the housing sector was mixed. Housing starts
posted weaker than expected but permits posted better than expected. At the
halfway point in the trading session today, the Dow Jones Industrial Average was
positive by .90 percent or 102.55 points at 11,503.56. The Nasdaq was higher by
.79 percent at 2,633.43 and the S&P 500 was higher by .94 percent at 1,215.37.
Frank Matto
No comments:
Post a Comment