The Stock Market Opens With Week With a Sluggish Start

The stock market looks to open flat to lower this morning. Stocks, of course, have had a good run since Ben Bernanke’s move last week. Over the last four trading sessions, the Dow has added 339 points.

The bond market is, once again, not pleased with Spain. After some squabbling among finance ministers, yields on the 10-year Spanish bond rose to its highest level in four months.

Bloomberg picks up this cutting quote from Joachim Fels, the chief economist at Morgan Stanley in London: “Experience suggests that just as day gives way to night, improvement gives way to policy complacency, which is then followed by renewed crisis.” That pretty much sums it up.

The major economic report this morning showed that the Empire State Manufacturing Index fell to its lowest point in three-and-a-half years. As the name suggests, this covers economic activity in the State of New York. The one bright spot in the report is that the outlook for the future improved greatly since August.

For reasons not immediately clear, Occupy Wall Street has pledged to disrupt the morning commute for many Wall Streeters. Today is the movement’s one year anniversary.

Posted by on September 17th, 2012 at 9:37 am


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