Stocks Closed Lower Yesterday, But Dow And S&P Finish Up For The Month

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Stocks Closed Lower Yesterday, But Dow And S&P Finish Up For The Month

	Profit from the Pros By Kevin Matras Executive Vice President
	Stocks Closed Lower Yesterday, But Dow And S&P Finish Up For The Month Image: Bigstock Stocks closed lower yesterday, following a spectacular performance the week before where all of the major indexes gained over 6%. For the month, the Dow and the S&P finished in the green, although the Nasdaq finished in the red. Nonetheless, after last week's FOMC minutes and the subsequent rally, it's starting to look like the markets may have turned a corner. And with the markets grossly oversold and valuations at more than 2-year lows, some more up days and weeks are long overdue. In other news, yesterday's unadjusted Case-Shiller Home Price Index was up more than expected with a 3.1% m/m increase, and a 21.2% y/y increase. The Chicago PMI rose to 60.3 from last month's 56.4 and views for 57.1. The Dallas Fed Manufacturing Survey declined from last month, coming in at -7.3, while the Production Index increased to 18.8. And Consumer Confidence beat expectations at 106.4 vs. the consensus for 104.0. Today we'll get a look at MBA Mortgage Applications, the PMI and ISM Manufacturing Indexes, Construction Spending, the Beige Book report, and the Job Openings and Labor Turnover Survey (JOLTS) report. But the report everybody is really looking forward to is Friday's always important Employment Situation report. At the moment, the consensus is calling for a gain of another 325,000 new jobs, while the unemployment rate drops from 3.6% to 3.5%. In the meantime, traders will be watching to see if they can build on last week's gains. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research
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