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Lessons From a Textbook Correction

Daily Recap

Economic data was cheery today, but stocks weren't in the best of moods. Two readings on manufacturing were released, and one, the ISM manufacturing index, came in at 61.3%, a 14-year high. That may have helped stem some of the declines, but nearly all major averages headed lower anyway.

 

After experiencing its worst losses in the morning, the Dow Jones Industrials struggled higher throughout the day to close with a modest 12 point or 0.05% loss. The Nasdaq and S&P suffered slightly larger drops at 0.23% and 0.17%, respectively. But the strength in the Transports continued, as that average gained 0.14%. Breadth on the day was negative by about 2-1.

 

Over in Europe, a 1.01% gain in Italy wasn't enough to offset losses elsewhere, with the Stoxx 600 falling 0.70%. The Europe Dow fell a further 1.16%. In Asia, markets were mixed as well, with China the best performer – up 1.10%. Nevertheless, ... Log in or subscribe to continue reading.


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