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Confidence drifts back to Wall Street
Jordan News.Net
Wednesday 4th November, 2009
The bulls were back in charge on Wall Street Tuesday sending all the major indices higher earlier, but by the close of trading most of the gains had been given back.
Driving markets higher was data indicating the services sector rose in October for a second consecutive month, while the decline of U.S. jobs slowed to the slowest pace in more than a year.
"The services sector gauge is a little lower than expectations, but it still shows improvement, and that's what the market is reacting to," Alan Lancz, president of Alan B. Lancz & Associates Inc in Toledo, Ohio told Reuters newsagency.
"Along with the positive (jobs) number, we're getting a good market reaction. The data gives the bulls a little bit of fuel."
Unfortunately though the optimism didn't last.
At the close of trading the Dow Jones Industrials were up 30.23 points or 0.31% at 9,80.14, after being more than 150 points up earlier in the day.
The Nasdaq Composite closed down 1.80 points or 0.09% at 2,055.52.
The Standard and Poor's 500 added 1.09 points or 0.10% to 1,046.50.
The U.S. dollar was sold off. The euro gained to 1.4867 in late afternoon trading in New York Wednesday.
The British pound rose to 1.6553, while the Swiss franc firmed to 1.0158.
The Australian dollar climbed to .9102, while the Canadian dollar edged up to 1.0628.
Only the Japanese yen went against the trend, slipping to 90.79.  Email this story to a friend
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