Not much conviction displayed today by bulls or bears, with major stock indexes finishing marginally mixed. Bears couldn’t gain any firm advantage off another downward revision to 1Q GDP, and bulls couldn’t capitalize on a slightly better-than-expected consumer sentiment gauge and frisky euro.
Speaking of the euro, US stocks seemed tethered to the single currency for much of the session, with some momentary disconnects early and then late in the day. At times, they display the type of synchronization that would make a drill instructor proud.
Aside from the encouragement provided by the euro, bulls may’ve been a bit disillusioned by the recent stream of data suggesting a stalling recovery. Meanwhile, bears seemed hesitant to get too aggressive, lest some central bank or government fire a renminbi-like weekend surprise at them (G-20 meets). Anyway, there’s always next week and potential for more proof (or not) that the recovery is laboring.
Key data include readings on personal income & spending, home prices, pending home sales, consumer confidence, June ISM and, of course, June non-farm payrolls.
Financials soar today after overhaul bill’s finalized. That might tell you something about how toothy investors think the regulations will be. Consumer staples, telecom tumble. DJIA slips 8.99 to 10143.81, and Nasdaq Comp rises 6.06 to 2223.48. S&P 500 ends 3.07 higher at 1076.76.