Stocks seemed determined to soar today as the Dow Jones Industrial Average rose over 100 points from Friday’s close just minutes into the session. The Dow maintained a portion of its early morning gain most of the day but unfortunately, ominous mortgage news may have spooked investors resulting in an end of day slide with the Dow closing down 8.23 points at 10,442.41.
European and Asian markets all closed up on Monday after news that China has taken some necessary steps to create a more trade-friendly currency by changing its value so that it is not so closely tied to the dollar for the first time since 2008. China has made it clear that it does intend to keep the value of its currency in a conservative growth pattern.
News that a greater number of homeowners have cancelled or been removed from the mortgage modification program than have signed up for it along with the disclosure that BP PLC (NYSE: BP) has already spent $2 billion on less than successful methods to clean up the oil spill likely helped stocks to abandon early morning gains.
The Nasdaq closed down 20.71 points at 2,289.09 and the S&P 500 closed down 4.31 points at 1,113.20.
