www.TheLFB-Forex.com The Forex Trader Portal
Global Wrap:
Stocks Decline Paring Monthly Gains
Current Futures: Dow -56.00, S&P -8.70, NASDAQ -21.00
Stock markets in the United States followed the global trend today and closed lower. The decline seen today has trimmed the total monthly gain for the indices as they post their sixth monthly increase. Most sectors saw a decline today with basic materials and energy leading the way with a 2.27 percent decline for both. The United States Steel Corp fell 2.33 percent and the Dow Chemical Company lost 3.38 percent. Meanwhile Exxon Mobil saw a decline of 1.38 percent and PetroChina Company was off by 3.04 percent. Insurance giant AIG also declined 9.76 percent on the day as trading closed.
A report from the Institute for Supply Management today indicated that business activity in the United States increased more than analysts had projected for the month. The index increased to a reading of 50.0 from a 43.4 seen during July. Automotive manufacturers are the likely cause for the increase after most dealers lots were left empty because of the recent government “cash for clunkers” program. Reports from earlier in the month have also shown that that manufacturing is on the rise. The critical 50.0 level also denotes expansion from contraction.
The Dow Jones Index declined 47.92 points (-0.50%) to 9,496.28, while the S&P 500 index lost 8.31 points (-0.81%) to 1,020.62
Crude oil for October delivery was recently trading at $69.65 per barrel, lower by $3.09.
Gold for October delivery was recently trading lower by $6.50 to $952.30.
Treasuries rose for the first two month gain seen during the year. Yield on the 10-year note changed 4.6 basis points to 3.44%.