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Mid-Day Recap: Say Good-Bye to the 4-Week Stock Rally
In the first three hours of trading, all three indexes are down more than 1.5%. The Nasdaq has shed 1.87% to 1,971, while the S&P has dropped 1.63% to 996, and the Dow has fallen 1.58% to 9,249. For the week, the benchmark S&P is down 1.39%.
Labor Market Drives Consumer Confidence Down Again
Markets have been generally optimistic that the recession in ending and that recovery will begin in the current quarter, but the voices warning that recovery will be slow saw their beliefs confirmed this morning as Consumer Sentiment fell to its lowest level since March.rnrnThe Reuters/U of Michigan survey slid nearly 3 points to 63.2 in August, subtracting further from a 4.8-point decline in July.
Industrial Production Sees First Gain in Nine Months
Markets continue to struggle as the trading session begins but traders received a boost at 9:15, when the Industrial Production report posted its first monthly gain since October. rnrn"Aside from a hurricane-related rebound in October 2008, the gain in July marked the first monthly increase since December 2007," the Fed said.
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