Stocks in New York are slowly dipping down from their flat open as investors chill out and Wall Street observes just another quiet day.
by Dagmar Benesova
WBP Online Correspondent in Washington DC
No eruption during the first trading hours happen in Wall Street as the stocks remained in red territory on Monday, but still with at the highest levels in more than four years.
Low-profile behavior with a tendency for bad moods is nothing unusual for Mondays, and - in addition - investors are in slow summer mode as has been seen in the European and Asian trading too.
The trading week started with mixed messages coming from Asia and Europe, and hopes for further European Central Bank action seem to be evaporating.
Standard & Poor's were seen 0.25% down, at a level of 1,414.90 as of 3:08 pm GMT.
Dow Jones Industrial Average dipped 0.15% to 13,255 points.
Nasdaq Composite Index shrank 0.33% to 3,066.01 points.
The US stocks indices also showed little reaction to the report of the Chicago Fed National Activity Index which fell -0.13% in the latest reading. The index creates a more complex picture on the economic situation and is the gauge of overall economic activity and inflationary pressure, the negative data corresponds to growth below trend. Index is a weighted average of 85 existing monthly indicators of the US economic activity.
As summer holidays continue in the US and there are no major economic releases scheduled for Monday, the markets are also taking off from a trading spree and no big turbulence is expected to happen on the Wall Street during the first trading day.
Home sales data shake-up
Later during the week investors will eye a new report on the US housing market, which is set to be released by the National Association of Realtors (NAR) on Wednesday. The existing home sales data will probably paint a brighter picture about the health of the real estate market in the US, and there are expectations that the NAR report will show rising US existing home sales data for July.
The US Department of Commerce will report on new home sales on Thursday.
On Friday, new figures will unveil US sales of durable goods, the items going from toasters to aircraft that are meant to last at least three years, which is a telling sign on the state of the national economy.
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