Investors seemed to be waiting to see what would happen in tomorrow’s election because the stock market barely moved today, not responding in any dramatic way to today’s big economic news. Fortunately, we checked and the market still has a pulse.
AP: Wall Street barely budged in extremely quiet trading Monday as investors largely overlooked a weak reading on the manufacturing sector ahead of the election. The session was the calmest in recent memory, with the Dow Jones industrials moving in a range of just over 130 points — far from the huge swings it suffered in October.
Stocks showed no lasting impact from the Institute for Supply Management report that its measure of U.S. manufacturing activity fell last month to its lowest level in 26 years as credit conditions tightened and disruptions remained from Hurricane Ike. The trade group said its index of manufacturing activity fell to 38.9 in October from 43.5 in September, the weakest reading since September 1982, when the country was in a recession, and well below the 41.5 economists predicted, according to Thomson/IFR…
“With the election tomorrow, obviously people probably want to wait and see what happens there. I think that’s probably holding people back,” [Stephen] Massocca [co-chief executive of Pacific Growth Equities] said.
In the final half hour before the closing bell, the Dow fell 0.88, or 0.01 per cent, to 9,324.13, having traded in a range of just 132 points.
Broader stock indicators were mixed. The Standard & Poor’s 500 index fell 2.32, or 0.24 per cent, to 966.43, while the Nasdaq composite index rose 4.32, or 0.25 per cent, to 1,725.18.
The Russell 2000 index of smaller companies slipped 0.15, or 0.03 per cent, to 537.37.
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