Flat Day For Wall Street

Wall Street continued its saga of losing streak for the fourth day where all major indices closed multi-month’s low. Shinning summer for the stocks and for the year 2012 have caught the cold winter influenced by bears which are dragging this rally into merely an average year.

Investor are not only concerned now for the two words so called Fiscal Cliff but the fresh worries were flashed in the economic data which is blamed on Sandy. Economic data released today in US showed rose of 78,000 jobless claims and Philly Fed index’s number below expectation.

The Dow Jones closed down by 28 points or with a loss of 0.2% keeping the trend for the fourth day and closing at 12,542.46. It was down as much as 0.6% during the day but pared losses in final and most important hour of the day. The S&P 500 finished down for the third day in row losing 2.17 points or loss of 0.2%. S&P 500 is down 2% for the week adding further losses for the month mounting to -7.16%. NASDAQ also closed in negative territory with loss of 0.35% for the day closing at 2837. It is down 7.68% for the month.

Financials was the strongest sector which closed in positive territory where gains were seen by people united financial 2.11% , Fedrated Investors with gain of 2.06% and AIG 1.83%.

Tech sector was dragged due to its empire Apple which fell another 2.1 % and down almost 25 % from its September high.

What to Watch
Stakeholders will be focused on Friday's meeting at the White House between President Barack Obama and Republican and Democratic leaders of Congress about deficit reduction for any sign if two sides are moving closer.

DISCLOSURE AND DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.

By Naeem Aslam