After early weakness in US stocks, they ended up mixed and barely unchanged on the day, like most other world equity markets. A very negative ISM manufacturing number, the worst since January, overpowered a positive manufacturing PMI number as traders lowered their estimates for a September rate hike from the Fed. Ah - the daily data minutia parade continues!
But with many already gone on a long Labor Day vacation and the rest waiting for tomorrow morning's employment report, nobody wanted to push things too far. The end result: The Dow Industrials, NASDAQ, and S&P 500 all finished up just slightly.
Elsewhere, European stocks finished lower and Asian stocks were mixed. The Global Dow managed a slight 0.13% gain. Our recommended VEU and EEM each rose 0.7%. The US dollar index fell 0.38%, while bonds were narrowly mixed.
Crude oil took another hit, down more than 2% and once again dragging energy company shares lower. ... Log in or subscribe to continue reading.
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