It was a bumpy day for U.S. markets, even though the bumps were relatively small. For the majority of the day, the Dow Jones Industrial Average remained just above 11,000, but about 30 minutes before the close, it fell to roughly 10,978. Some momentum was regained in the final minutes and the Dow ended up gaining 2.11 points to 11,008.59 today. The Nasdaq gained .42 points to 2,402.33 while the S&P 500 dropped .11 to 1,165.04.
This week could be a pivotal week in determining whether or not 11,000 becomes the new norm for the Dow. Among rumors of a temporary foreclosure moratorium, anticipation of the Fed’s September FOMC meeting minutes (which will be released tomorrow), and the smell of third quarter earnings in the air, investors will have a lot of economic information to chew on. This data will be a big factor in whether or not they have the confidence to help sustain this somewhat stilted momentum.
European markets were up while Asian markets were mixed.
Stocks in the buyout and takeover news: Gymboree Corp (NASDAQ: GYMB), New York Times Co (NYSE: NYT).