The S&P 500 fell 0.15% and the Dow was lower by 0.30%. 8 of 10 sectors of the S&P 500 closed lower on the day. There were better than expected economic numbers from Europe and China prior to the open but there was little interest in much of anything today. Trading volume was extremely low.
The ISM Non-Manufacturing Index posted its best number since February 2011. The reading this morning was 56.0 from a reading of just 52.2 last month. New orders were the driver of much of the upside as it rose from 50.8.
A hawkish Fed official did make comments that raised some concerns regarding Fed tapering. Dallas Fed President Fisher said that the Fed’s asset buying program may lay the groundwork for misallocation of resources and lead to future inflation.
Apple added on to the gains it has posted since its earnings report. Apple gained 1.5% today and hit a multi-month high. There was an overturn on a ban by the International Trade Commission on certain Apple devices.
Commodities were mostly lower with precious metals, copper, grains and natural gas all trading lower. Crude traded flat on the day. Gold and silver each traded down all day and there was little conviction from either buyers or sellers in the metals.
Source: PFS Group
