Thursday, July 29, 2010

US stocks fell after weak economic data

Dow closed down....

U.S. stocks fell on Wednesday after weak durable goods figures and a downbeat assessment of the economy from the Fed's Beige Book kept the benchmark S&P 500 trapped below its 200-day moving average.
A three-day rally built on strong earnings boosted the index to close Monday above its 200-day moving average, a closely watched measure of market direction. It has since stalled as trading remains rangebound and technically driven.
"In the short run technicals are dominating daily movements here until we get a fundamental (piece of news) to knock us off that," said Jim Paulsen, chief investment officer at Wells Capital Management.

Index Value:10,497.88
Trade Time:4:04PM EDT
Change:Down 39.81 (0.38%)
Prev Close:10,537.69
Open:10,537.01
Day's Range:10,463.22 - 10,548.52
52wk Range:8,967.26 - 11,309.00