The primary index composites were able to stem the tide of negative movement
that built during the opening trading session this week. The Dow Jones
Industrial Average, as well as the Nasdaq, and the S&P 500 finished the last
trading session in the green. The positive action contrasted negative trends
observed on Monday. Stocks were pushed lower on opening day this week due, in
part, to the uncertainty investors feel pertaining to the debt crisis in Europe.
The lack of details regarding resolution plans and the slow progress have added
negative weight to global market indicators. Although this weight continues to
affect market action, the primary index composites in the U.S. closed out the
last session higher overall. The Dow Jones Industrial Average closed higher
overall by 1.58 percent or positive 180.05 points to settle at 11,577.05. The
Nasdaq closed last session higher by 1.63 percent or positive 42.51 points at
2,657.43. The S&P 500 finished last session green by 2.04 percent or positive
24.52 points at 1,225.38. Many believe the positive jump for the indices today
had something to do with vague details that leaked regarding the European
bailout fund. Lending amounts were given upward revisions according to the
rumors. This information helped investors feel more optimistic, if only for a
short period. Trends have been more volatile this week and the European action
plan news has a lot to do with the volatility. Economic reports in the U.S. last
session were minimal. The Producer Price Index posted a rise of .8 percent in
September. This rise was more than what most economists had been anticipating.
The dollar lost strength to the euro last session and gold price per ounce rates
dropped as well. Investors will turn some attention to housing starts and
building permits data today. The Feds Beige Book report is also due to post.
Frank Matto
No comments:
Post a Comment