US markets finished flat yesterday as investors continued to mull over Europe and bad economic data. Markets cannot seem to decide between plunging into the lazy, hazy, crazy days of summer or rally for no reason whatsoever, as the SPDR S&P 500 Index ETF (NYSEARCA:SPY) gained .30%, the SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) lost .07%, the PowerShares QQQ Trust Series 1 ETF (NASDAQ:QQQ) gained .30%, and the iShares Russell 2000 Index ETF (NYSEARCA:IWM) out performed the rest with a gain of 1.16%.
Investors were likely spooked yesterday by bad ISM and construction spending data, as yesterday’s Institute for Supply Management report indicated that June PMI declined 3.8%, while construction spending increased by .09%. These numbers are no good and illustrate the continued anemic state of our troubled economy.
All in all, perhaps investors are waiting for more “positive” news from Europe, or perhaps more intervention from the Fed. More likely, markets finished flat yesterday as the 4th of July holiday rapidly approaches and the lazy summer continues.
Bottom Line: Markets cannot continue to move sideways indefinitely, a move in one direction or the other is likely on the horizon.
Disclaimer: Wall Street Sector Selector trades a wide variety of ETFs and positions can change at any time.
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Stocks Wait For Direction
Published 07/03/2012, 01:43 AM
Updated 05/14/2017, 06:45 AM
Stocks Wait For Direction
US markets finish flat yesterday as investors try to decide up or down
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