Mid-Day Recap: Data Disappoints. Stocks Weaker for Third Straight Session
Weak orders for durable goods and a soft advance in new home sales have contributed to a lackluster performance in equity markets today. While a boost to consumer sentiment was able to help stocks recovery from a disappointing open, the gains were temporary.
As of 1:00pm, all three indexes appeared to be ending the week on a low note. The NASDAQ is down 0.94% to 2,087, followed by a 0.82% decline in the S&P 500 to 1,042 and a 0.58% slide in the Dow to 9,652.
“Business equipment spending is still on track to post a solid gain in the third quarter, but perhaps not quite as robust as earlier thought,” said Brian Bethune at IHS Global Insight.
Bethune said the economy was gaining momentum but that the expiry of fiscal and monetary assistance could put some bumps in the road. “Headwinds to the outlook for business equipment spending included tight credit conditions â€
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