S&P 500 narrowly escapes with a gain
Index & Sector performance 10/9/13 The Market: Rumors out of Washington have helped drive the indices of late as investors are looking for more information regarding the government shutdown as well as who may be replacing Ben Bernanke. News today broke that Janet Yellen will be the next Federal Reserve chairperson taking the place of Ben Bernanke at the end of January 2014. Initial opinions seemed to be that Yellen will continue on with a more dovish stance for the Fed. Today looked as though the market could not gain traction but at 11:30 am EST the market bottomed and…
Week in Review
DJIA -25.03 (-0.17%) to 14,514.11; S&P 500 -2.53 (-0.16%) to 1,560.70; NASDAQ -9.86 (-0.30%) to 3,249.07 Finally a down day! After 10 straight days higher the Dow and S&P 500 finally has a respite albeit small. Some looking at the SPY today might have thought the markets were lower or noticed a disruption and that is due to the fact that the SPY pays a dividend which it went ex-dividend Friday for roughly $0.70. In economic data we had CPI which came in slightly hot with a 0.7% increase when 0.5% was expected. When looking at the “core” PCI we met expectations of up…
Daily Wrap
DJIA +83.86 (+0.58%) to 14,539.14; S&P 500 +8.71 (+0.56%) to 1,563.23; NASDAQ +13.81 (+0.43%) to 3,258.93 Nothing much happened today, another day another Dow high, you know, the usual. Today at the close actually would not have been a bad spot to try and take a small short as a spec trade into tomorrow. Nothing big, nothing saying a top is in but just 10 straight days up in the Dow is somewhat extended. Economic data today included U.S. jobless claims which came in lower than expected at 332K. Stock of the day today was E-Trade Financial (ETFC) which lost over 8% after…