Futures were weak in overnight trading and when the overseas markets opened this morning for trading after the Moody’s downgrade of Japan. Dow futures were down triple-digits when we hit the rack last night and had improved once we started to settle in for today’s trading.
The market opened lower but the bulls quickly found their footing and are trying to add to their two-session winning streak. Economic news has come in better-than-expected which has helped offset some of the worries over Japan and the Financial stocks are showing some strength.
Durable Goods Orders for July were up 4.0% versus expectations for a 1.9% increase. Orders for the prior month were revised upward to reflect a 1.3% decline. Backing out transportation, DGO’s increased by 0.7% versus forecasts for 0.6% decline.
The Federal Housing Finance Agency (FHFA) Housing Price Index fell 5.9% in the second quarter from a year earlier, the biggest drop since 2009. Prices declined 0.6%.
As far as the market, the Dow is up 25 points to 11,202 while the S&P is higher by 3 points to 1,165. The Nasdaq is down a six-pack to 2,440. Subscribers, check the Members Area for the updates.]]>