A Britney Spears Trading Session
The Dow Jones started the day out fine then dropped over 100 points and has since managed to move back up and gain 10 points to even out on yet another bi-polar trading day.
Unexpected contraction in Midwest business activity sounded a dour note at the end of a strong quarter yet stocks have bounced back, proving that the Dow Jones is not that innocent. Who's up for shaving your head?
MARKET NEWS
The Institute for Supply Management-Chicago's business barometer unexpectedly fell to 46.1 in September, a level that indicates a contraction in the regional economy. The Chicago PMI's September level was below the consensus estimate for a reading of 52 and down from 50 in August.
ADP National Employment Report showed that private-sector job cuts were greater than expected in September, while the U.S. Commerce Department's final reading on gross domestic product for the second quarter showed GDP fell at a 0.7 percent annual rate, narrower than the 1.2 percent expectation.
WHATEVER
Long story short, the market tanked, then rebounded late in the day, much like Britney's career however as always, stay tuned...
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