Volume on the NYSE remains light as investors relax on the beach. Markets have stayed in tight range over the last few weeks with no one wanting to wager just about anything until the cloud of central bank uncertainty is lifted. Large hedge funds have mostly remained in cash and thus missed out on the recent stealth rally. Investors should continue to par their positions and lock in gains heading into Friday.
We did get a a boost on the economic outlook for America with the recent GDP Revision which came in better-than-expected at 1.7%. But that number is still very weak and we direly need growth of at least a 2% clip.
The National Association of Realtors also released a brighter report showing that pending home sales are at their highest level in two years. But again the Housing market still remains weak as well.
The Dow (INDU) rose 12.24 points at 0.09%. The Nasdaq (COMP) gained 1.82 points at 0.06%. And the S&P 500 (SPX) was up 1.66 points at 0.12%.
Oil lost $1.36 to close at $94.97 a barrel.
Gold fell $6.70 to close at $1,663.00 an ounce.
The 10-Year Note rose pushing the yield to 1.66%.
No comments yet.