Photo: Philo Nordlund via Flickr
It was an oddly news-filled, but quiet session in the market today. In the end, despite having been down most of the day, stocks ended up.But first, the scoreboard:
S&P 500: +0.07
And now, the top stories:
- World markets were mostly subdued overnight, perhaps in part due to a weak industrial production number out of Japan, and also because of carryover from yesterday’s emotional day in the US.
- James Bullard’s ‘we are Japan’ paper continued to garner a lot of talk this morning, culminating with 2 hours on CNBC this morning, where he expressed displeasure with the prospect of ending the Bush tax cuts.
- The big action in the US started at 8:30. GDP came in on the weak side of what was expected — not horrible, but stocks sold off instantly on the news. On the other hand, Chicago PMI and University of Michigan Consumer Sentiment both came in better than expected.
- But the market action was decidedly down beat (though again, not wildly so) for most of the day. In addition to equities, notable winners (and this should obviously concern the bulls) were Treasuries and the yen.
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