Bulls First to Arrive at the Post-Labor Day Party
School is back in session today and so are the bulls on Wall Street. The Dow gained 91 points, with the S&P adding 15, and the NASDAQ tacking on 33. Although the S&P couldn’t quite hit the 1500 level for the first time since August 8th (the high was 1496), it was a positive day nonetheless. The optimistic vibes carried over to government bonds as well, with the 10-year Note ending the day with a 4.55% yield.
In the news, construction spending came in below expectations at -.04% (-.01% was the consensus). Tomorrow, traders will be processing automobile sales figures, which come out tonight at 5:00 PM Eastern time. In addition, we can look forward to Pending Home Sales, the Fed’s Beige Book, and Crude Oil inventories tomorrow.
Overseas, the Nikkei dropped .63%, while the Hang Seng remained generally flat with only a .08% drop.
Economic Data Scheduled for Tuesday, September 5, 2007
(All times in U.S. Central Time)
U.S.
9:00 AM: Pending Home Sales for July
1:00PM: Fed’s Beige Book
Great Britain
3:30 AM: Purchasing Managers Index (services) for August (Consensus 56.5)
Canada
8:00 AM: BoC Interest Rate announcement (Consensus 4.5%)
European Union
2:55 AM: (Germany) Purchasing Managers Index (services) for August (Consensus 58.1)
3:00 AM: Purchasing Managers Index (services) for August (Consensus 57.9)
4:00 AM: Retail Sales for July (MoM) (Consensus 0.3%)
Japan
None
