Economic data wasn't completely terrible today, in a refreshing change of pace -- but the news wasn't exactly cause for celebration, either. July retail sales inched up 0.4%, said the Commerce Department, marking the first gain in three months. However, the gain was largely attributed to higher gasoline prices, which dampened any potential enthusiasm over the results. Meanwhile, the Reuters/University of Michigan consumer confidence index climbed to 69.6 in August, surpassing expectations -- but still well below June's reading of 76.0. Traders were also treated to a scathing review of U.S. monetary policy from Kansas City Fed President Thomas Hoenig, who criticized near-zero interest rates as "a dangerous gamble"on the part of his central-banking peers. Following a feverish round of panic selling earlier in the week, traders found no motivation to make any major moves ahead of the weekend, leaving stocks to shuffle between slim gains and modest losses throughout the session. (From Schaffer research)
No comments:
Post a Comment