Disappointing Economic Data Brings Markets Down – Acadiana Business Index
- The Dow was down 25 points to 12394. The S&P 500 lost less than 3 points to 1310 and the NASDAQ was lower by 10 points to 2827. For the month, the blue-chip index snapped its string of seven consecutive months of gains as it fell 6.2%. The S&P 500 declined nearly 6.3% and the NASDAQ gave up 7.2% in May. The NYSE was even on issues and 6-5 negative on volume. On the NASDAQ, advancers matched decliners on issues and was 8-5 negative on volume. NYSE Composite volume totaled 4.4 billion shares.
- Markets fell in early action after some disappointing economic data. Ahead of tomorrow’s all-important non-farm payrolls number, initial jobless claims rose to a one-month high and the ADP’s report showed companies added fewer workers in May than forecast. The second revision to first-quarter GDP added to the negative tone as the U.S. economy grew at a slower pace than expected.
- Meanwhile, the May reading on the Chicago Purchasing Managers Index showed business activity expanded at the slowest pace in more than two years.
- Despite early losses, stocks pared declines after a Greek opinion poll showed support for the largest pro-bailout party which eased fears that the troubled nation would exit the euro.
- In bondland, Treasury prices were higher, pushing 5-, 7- and 10-year yields to new record lows with the benchmark note up 13/32 to yield 1.58%.
To see the complete report, click Ken’s Market Report.