It Started as a Good News Day
Before the market opened this morning, I browsed to Bloomberg and found the following headlines:
- Boeing Machinists to Vote on Deal That May End Strike
- Global Stocks Rise on Valuations; BP, Air France, Alcoa Advance
- Yen Falls Most Since 2001 Against Euro as Global Stocks Rebound
For most people, all of these things were positive. The futures were up, and it was a pretty impressive market open.
Then the consumer confidence report was released. This link is not permanent:
The Conference Board Consumer Confidence Index™, which had improved moderately in September, fell to an all-time low in October. The Index now stands at 38.0 (1985=100), down from 61.4 in September. The Present Situation Index decreased to 41.9 from 61.1 last month. The Expectations Index declined to 35.5 from 61.5 in September.
That’s pretty poor. Though it took back a chunk, it doesn’t appear to have killed the day’s rally.
