Wednesday, September 30, 2009
Consumer Confidence Dents Rally
On Monday we saw a big rise in the SPX up about 18 points on the back of some meger news. Tuesday saw the Dow fall 47.16 points to 9,742.20 and the SPX lost 2.37 points to end at 1,060.61. We are in the green but still really wanting to see some down movement.
Stocks dropped on the back of a disappointing consumer confidence report from the Conference Board. This index fell to 53.1 in September from 54.5 in August and well below estimates for a reading of 57.0. Further bad news was found within the report where those saying jobs were hard to get rose to 47.0 percent from 44.3 percent. This doesn't bode well for Friday's nonfarm payrolls data. Estimates are for nonfarm payrolls to fall by 170,000 after a decline of 216,000 in August.
Traders did get good news about home prices with the S&P Case-Shiller home price index rose 1.7 percent for the Composite 10 index. However, this data is for July and we have gotten some less than stellar housing data of late.
Wednesday's session will see the release of several second tier employment reports, including the ADP report, which should provide some insight to Friday's jobs report.
Until next time.
Stocks dropped on the back of a disappointing consumer confidence report from the Conference Board. This index fell to 53.1 in September from 54.5 in August and well below estimates for a reading of 57.0. Further bad news was found within the report where those saying jobs were hard to get rose to 47.0 percent from 44.3 percent. This doesn't bode well for Friday's nonfarm payrolls data. Estimates are for nonfarm payrolls to fall by 170,000 after a decline of 216,000 in August.
Traders did get good news about home prices with the S&P Case-Shiller home price index rose 1.7 percent for the Composite 10 index. However, this data is for July and we have gotten some less than stellar housing data of late.
Wednesday's session will see the release of several second tier employment reports, including the ADP report, which should provide some insight to Friday's jobs report.
Until next time.
# posted by Paul @ 3:28 AM 
