Monday, September 14, 2009
Lazy Friday
Stocks didn't do much Friday but ended the week with strong gains. The Dow lost 22.07points to end on 9,605.41. The SPX fell 1.41 points to 1,042.73. We are in the green and looking ok.
Traders took some profits heading into the weekend, ending a five session winning streak for the indexes. Losses occurred despite positive economic data from Asia and a raised outlook from FedEx (FDX).
Data on consumer sentiment for early September was also better than expected, but a decline in crude prices hurt stocks in the oil services sector.
The University of Michigan reported that its index on consumer sentiment rose to 70.2in early September from 65.7 in August. This exceeded expectations for a more moderate gain to 67.0. The fact that most economic reports are pointing to a recovery is helping sentiment, but until the jobs market shows improvement this economy can't just go up on sentiment alone!
Economic data will be the focus next week with reports on retail sales, housing starts and industrial production all on tap.
Until next time.
Traders took some profits heading into the weekend, ending a five session winning streak for the indexes. Losses occurred despite positive economic data from Asia and a raised outlook from FedEx (FDX).
Data on consumer sentiment for early September was also better than expected, but a decline in crude prices hurt stocks in the oil services sector.
The University of Michigan reported that its index on consumer sentiment rose to 70.2in early September from 65.7 in August. This exceeded expectations for a more moderate gain to 67.0. The fact that most economic reports are pointing to a recovery is helping sentiment, but until the jobs market shows improvement this economy can't just go up on sentiment alone!
Economic data will be the focus next week with reports on retail sales, housing starts and industrial production all on tap.
Until next time.
# posted by Paul @ 4:18 AM 
