The primary indices in the U.S. were pressured once again last session. The Dow
Jones Industrial Average , as well as the Nasdaq and the S&P 500, tracked in
negative territory throughout the majority of the last trading session. Economic
posts last session did not help lift the U.S. indices as reports were skewed
toward the negative. The National Association of Realtors made headlines last
session as revised home sales data posted. This data reflected home sales
statistics all the way back to 2007 and revealed that original sales figures
were inaccurate. It turns out that the housing market was hit worse than we
originally thought based on the revised numbers from NAR. Although the errors
were surprising, they should have minimal affect on the economy and outlook as
we move on from this point. Recent new home sales data, as well as home
contraction data, has been better than expected. On the flip side last session,
existing home sales data posted weaker than expected. The market was also
pressured as a result of an earnings drop-off with Oracle. A third negative
variable would be the ongoing debt crisis in the eurozone. Ultimately the
primary indices in the U.S. finished mixed. The DJIA closed out green by .03
percent at 12,107.74. The Nasdaq finished the last session lower red by over 25
points at 2,577.97. The S&P 500 closed out green by .19 percent at 1,243.72.
Frank Matto
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