Mid-Day Recap: Stocks Fall Fast After Lunch Hour
Mixed housing and labor reports caused equity markets to flounder on Thursday morning. Early gains were given up, and after a second climb appeared to give equities a clear positive direction for the day, all three indexes fell off a cliff a little after Noon.
Approaching 1pm, the S&P 500 is worst off with a 0.52% loss to 1,063. This follows a 3.11% gain earlier in the week, which put the benchmark index at new 11-month highs. The Nasdaq is a down a similar 0.51% as it trades at 2,122, and the Dow is 0.26% lower at 9,767. If stocks fail to recover, it will end a three-day rally.
Two data points an hour before the open were responsible for the indirection. …(<a href="http://www.mortgagenewsdaily.com/09172009_housing_starts_jobless_claims.asp”>read more)
