Monthly Auto Sales Top Expectations – Acadiana Business Index
Markets finished mostly lower in the first trading of September. Ken Meyers has your stock market report on the Acadiana Business Index.
- The Dow closed with a loss of 54 points to 13035 and the S&P 500 Index lost less than 2 points to 1404, but the NASDAQ was higher by 8 points to 3075.
- Stocks fell early on after a batch of disappointing economic data.
- The ISM factory index showed manufacturing fell to 49.6 in August, falling at its sharpest rate in more than three years. In a separate report, construction spending dropped by the most in a year, declining 0.9% in July.
- Despite the data, the major averages trimmed earlier losses as a rally in Apple’s shares to $674.75 sparked a rebound in technology stocks after the company scheduled an event for next week which may unveil a redesigned iPhone.
- Markets were also focused on the ECB’s policy meeting on Thursday where it may release the details of a new debt-buying plan.
- Monthly auto sales also garnered attention after topping expectations, but shares of major automakers were mixed with Ford up 7 cents to $9.41, but GM gave up 4 cents to $21.31 and Toyota lost 95 cents to $78.67.
- Overall, NYSE Composite volume totaled over 3 billion shares. The NYSE was 10-7 negative on issues and was even on volume.
- Advancers beat decliners on the NASDAQ by 5-3 on issues and by 9-8 on volume.
- In fixed-income, Treasuries snapped a two-day advance with the 10-year note down 7/32 to yield 1.57% and the 30-year bond lost 5/32 to yield 2.68%.
For the complete report, click Ken's Market Report.