Stocks reversed a six-day losing streak by closing with modest
gains today, buoyed by bullish manufacturing data from the EU and
China as well as upbeat US economic data. Retail stocks, however,
had another rough day as a result of weak earnings from Abercrombie
& Fitch (
) and Sears (
). Of course, the headline news today was the 3 hour halt in Nasdaq
trading, but the tech heavy Index ultimately ended higher.
Today's economic data was mostly positive including initial
jobless claims which rose by a greater than expected 13,000 to
336,000. The 4 week average, however, fell to a 7 year low. The
August Markit PMI of 53.9 beat estimates of 53.5, as did the June
house price index which showed a 0.7% gain versus the consensus
estimate of a 0.6% gain. Finally, leading indicators rose 0.6%,
above forecasts for a 0.5% increase.
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