Market Reflections 8/4/2009

Markets took a breather on Tuesday with the S&P ending fractionally higher at just over 1,005. A drop in personal income, reflecting one-time stimulus checks paid out in the prior month, didn't the hurt market, and the market didn't get any help from a jump in pending home sales, the latest indication of recovery for the housing sector. Commodities were little changed with oil at $71.50 and gold near $970. The dollar index ended slightly higher at 77.73 while the 10-year Treasury yield ended at 3.68 percent.