Stocks at the end of the lower part after five days of rally
The Dow Jones Industrial Average fell 36.42 points or 0.32% to 11333.44. The broader Standard & Poor’s 500 fell 4.78 points or 0.37% to 1297.52. The technology heavy Nasdaq Composite slipped 16.2 points or 0.75% to 2147.75.
In the energy markets, September West Texas Intermediate crude oil future jumped 1.41 dollars to 72.55 dollars a barrel amid reports Iran said it has no effect suspending its uranium enrichment programme August 31, jeopardizing an incentive package of six world powers. Meanwhile President George W. Bush has called for an international force for peace in Israel-Lebanon border.
Technically, the market’s recent Rally may have paved the way for a reversal begins in September, say some analysts. “The low volume Bounce victims could headwinds important as the market moves closer to the worst season months (her performance) this year,” says Morgan Stanley Technical Analyst Mark Newton.
Even if the transfer of gains in September, the possible withdrawal could be serious, others say. “During this” summer rally “, new benchmarks for the bull market values highest averages, the potential for a drop of over 20%, remains high,” says Mary Ann Bartels, head U.S. market analyst at Merrill Lynch.
The economic agenda is light on Tuesday. But some members of the Federal Reserve speeches. Atlanta Fed’s Guynn Tuesday to cover transitions in the U.S. economy and finance “system” in the Atlanta Kiwanis Club. Moscow of the Chicago Fed will soon follow, then the economy of Bloomington, Indiana. “Either a little Politics feed and a sub-ceiling for income Chairman Bernanke speech on” Global Economic Integration “of Jackson Hole, Wyoming, on Friday morning,” said Action Economics.
Investors were digesting a mixture Corporate News Monday. Lowe’s (LOW) was lower after the home improvement retailer reported a 11% increase in second quarter profits, analysts’ estimates are not available, and cut its full year of conduct.
Elsewhere in retailing, Dollar General (DG) lost ground after the company said it expects second quarter EPS of 14-15 cents, which prior guidance of 18-22 cents. He cited weaker than expected gross margin.
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