Positive economic reports sent stocks sharply higher on this final trading session of the holiday shortened week. Manufacturing sector growth added to the bullish sentiment.
The bull run skidded to an end today. Lower than expected ADP employment figures combined with a poor showing in manufacturing fueled the selling.
The Dow Jones Industrial Averaged powered to 18-month highs today on the back of strong industrial numbers and better than expected home prices.
Shares ended the session mixed on falling oil prices and a lower than expected sentiment reading from home builders. Much anticipation is in the air for the FOMC rate statement tomorrow.
A huge $35 billion dollar deal with American International Group selling a unit to Prudential was icing on the cake for the massively bullish session. Better than expected Consumer Spending and Manufacturing figures pushed shares sharply higher on the day.
The final trading day of the month resulted in an erratic session with a positive close. The GDP figures beat estimates while home sales were decidedly negative.
A downgrade of Greece’s debt by Moody’s brought the bears roaring out of their caves today. Stocks dropped sharply on the international downgrade and negative domestic economic figures.
Investors expecting a hawkish stance from Fed Chief, Ben Bernanke, were surprised by his dovish rhetoric regarding interest rates. Stocks reacted by surging higher ignoring bearish news from the New Home Sales front.
Great earnings news from several major retailers was not enough to stem the bearish tide. A sharply lower reading from the consumer confidence number and a dramatic increase in problem banks led the decline in Tuesday’s session.
An overall quiet day on Wall Street despite several takeover bids hitting the wire. Late day selling pressure pushed the major indexes into the red territory.