The market gives and the market takes away!
Today on Wall Street, the Dow lost 146 points to bring the average down to 13,211. The S & P 500 dropped 18 to end the day at 1455 while the Nasdaq gave up 37 to close at 2546. Even though most of the day was spent in positive territory, the bears won the battle today with a down market on bad news from the mortgage sector.
Bonds finished the day higher in value with the 10-year note closing with a yield of 4.74%. With news from the mortgage sector pushing the market down, bonds had an “end of day” rally in the last hour of the day.
In the world of economic news, consumer confidence beat expectations coming in at 112.6. This is the highest it has been in six years. Personal spending came in right at expectations at .1% and personal income came in slightly below expectations at .4%.
In Asia, the Hang Seng was up almost 2% at 23,023 and the Nikkei was down slightly at 17,318.
Economic Data Scheduled for Wednesday, August 1, 2007
(All times are U.S. Central Time)
U.S.
9:00 AM: ISM Index (Consensus 55.5)
9:30 AM: EIA Weekly Energy Stocks (Estimate CL -700k)
Canada
None
U.K.
3:30 PM: PMI Manufacturing Index (Consensus 54.0)
European Union
3:00 AM: PMI Manufacturing Index (Consensus 54.8)
Japan
None
