U.S. Stocks Continue to Look for Direction
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The U.S. stock market is up right now, but not by very much. After a lower open today, the U.S. stock market has improved. The Dow, S&P 500 and Nasdaq are all higher right now. However, U.S. stocks are not moving solidly in one direction or another. They seem to be fluctuating today as different bits of information take precedence in the minds of investors, and as a small amount of uncertainty remains.
Some of the information that has been affecting the stock market incudes:
- Housing market data: While today’s data was more negative than expected, there is also hope that the housing market will stabilize sometime this summer.
- Auto emission standards: A little bit of clarity on emission standards is encouraging gains for automakers.
- American Express: With the news that American Express plans to lay off 4,000 workers, there is continued concern about the mounting jobless rate.
For the most part, cautious optimism remains the tone of the stock market. Bulls had been becoming over-exuberant in their hopes for rapid economic recovery, and that has been leading to stock market rallies like yesterday’s surge. Today’s data has sobered some of the enthusiasm, and tempered the response of investors. However, the fact that the stock market remains in the black so far is probably providing some relief to investors, and allowing the bulls to hold onto some hope. Economic recovery is practically assured in the minds of many, but the question still remains with regard to how quickly it will come.
Disclaimer: I am not an investment professional. Nothing in this piece or on this Web site should be construed as investment advice. Before making investment decisions, do your own research and/or consult with an investment professional. All investment comes with the risk of loss. You are responsible for your own investment decisions and any loss that may result from your decisions.
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