Wednesday, March 4, 2009

Market Reflections 3/3/2009

President Obama reached out to Wall Street Tuesday, saying that the long-term valuation of the stock market is attractive. The comment didn't move the markets but it may help to improve spirits among traders who widely complain they're being demonized by the new administration for the economic downturn.

A very weak pending home sales report headlined the day's economic data. The report points to deepening declines for current home sales data. Home sales don't seem to be getting a lift yet from low mortgage rates or falling prices.

Stocks ended a narrow range near their lows, down 0.6 percent for the S&P 500 which ended at 696.33. The dollar was little changed against the euro at $1.2563. Money eased out of the Treasury market where the 2-year yield ended at 0.89 percent, up 2 basis points on the day. Money continued to exit gold on what traders describe as liquidation tied to margin calls. Gold's fall from $1,000 has been lightening fast, ending at $915.40 for a more than $20 drop on the session. April WTI oil firmed to $41.45.

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