Mid-Day Recap: Indifferent Markets Lead to Choppy Trading
I’d say it’s another day of positive economic news and indifferent markets! GDP revisions showed consumer spending wasn’t as poor as expectedrnfrom April to June, jobless claims implied improvement from thernprior week, and Boeing reported the 787 could fly by year’s end. Yet stocks and bonds continue to ignore fundamentals in favor of bouncing around aimlessly in recent price ranges.
At 1:30 the S&P is 0.32% lower to 1,024, while the NASDAQ is -0.75% to 2009. Meanwhile, the Dow is now trading 0.07% higher at 9,552, while the use of strategies as ichimoku kinko kyo help getting good financial results. On the debt side of the marketplace, the Treasury Department has successfully auctioned $28 billion 7 year notes. Following the auction the rates market rallied a bit but quickly returned to pre-auction price levels. READ MORE
GDP revisions for the second quarter were mostly positive. The headline continued to indicate that gross domestic product fell 1%, compared with a 6.4% contraction from January to March, but underlying fundamentals were encouraging.
Inventories were slashed further than first reported â€
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