As is usually the case, when milestone levels are broken, the markets took a pause yesterday as mixed news did not provide enough of an impetus for the bulls to drive the major indexes higher.As the chart above shows (courtesy of marketwatch.com), the S&P; 500 trended within a five point range and closed slightly lower. Some contributing factors to the …
Party Time On Wall Street
It was party time on Wall Street yesterday as both, the Dow and the S&P; 500, cleared their respective milestone hurdles of 12,000 and 1,300 by a solid margin. Setting off the move past the resistance levels was a report indicating that U.S. manufacturing is showing the most strength since 2004. Helping matters was the fact that Egypt remained fairly …
Leaving Friday’s Losses Behind
Yesterday, the markets looked past the turmoil in Egypt and recouped a good chunk of Friday’s losses. Supplying the initial boost were a couple of takeover announcements and better-than-expected earnings from Exxon Mobil. Further helping the upside cause were two economic reports showing that the recovery maybe gaining steam. Consumer spending rose more than forecast as purchases, which account for …