NASDAQ Refuses to Budge
While the Dow dropped 50 points and the S&P lost 6, the NASDAQ refused to give in to the bears today, closing with a 2-point gain. Bonds had another positive day, as the 10-year Note finished with a 4.51% yield.
Initial Claims surprised traders today with a 334,000 post versus expectations of only 320,000. The help wanted index, however, came in right at expectations at 25.
Traders will be anxiously awaiting comments from Federal Reserve Chairman Ben Bernanke tomorrow, in addition to Personal Income, Personal Spending, and PMI.
Across the Pacific, the Nikkei closed up .88% and the Hang Seng ended its last trading session ahead by 2.02%.
Economic Data Scheduled for Friday, August 31, 2007
(All times in U.S. Central Time)
U.S.
7:30 AM: Personal Income for July (Consensus 0.3%)
7:30 AM: Personal Spending for July (Consensus 0.3%)
7:30 AM: Core PCE Inflation for July (Consensus 0.2%)
8:45 AM: Chicago PMI for August (Consensus 53.0)
9:00 AM: Factory Orders for July (Consensus 3.0%)
9:00 AM: University of Michigan Consumer Sentiment for August (Consensus 83.0)
Great Britain
4:30 AM: Gfk Consumer Confidence for August (Consensus -7)
Canada
None
European Union
4:00 AM: Consumer Confidence for August (Consensus -2)
4:00 AM: Unemployment Rate for July (Consensus 6.9%)
1:00AM: (Germany) Retail Sales for July MoM (Consensus 0.5%)
Japan
None
