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U.S. stock markets headed south Thursday without any help from Europe’s debt problems. According to ADP and Macroeconomic Advisers, the economy added fewer-than-expected private-sector jobs in May, and manufacturing data in the Chicago region fell more than expected.
Stocks initially headed lower on the poor economic numbers, but reversed course mid-morning, and 20 minutes before the close the Dow was up almost 70 points. However, in a flash, sell programs with large blocks of stock hit the exchanges, and by the close, the gains had vanished.
At the close, the Dow Jones Industrial Average was off 26 points at 12,393, the S&P 500 was down 3 points at 1,310, and the Nasdaq was down 26 points at 2,827. Volume on the NYSE totaled 1.3 billion shares, and the Nasdaq traded 757 million shares. Advancers and decliners were even on the NYSE, but there were 1.1-to-1 more decliners on the Nasdaq... continue to read.
Sam Collins, InvestorPlace Chief Technical Analyst
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