The stock market is trading lower today putting a hold on the S&P 500 as it nears it’s historic closing high. Housing data was a bit mixed today as permits for future construction jumped to a more than 3-year high and housing starts fell.
China is also a bit of a concern as investors worry about signs of slowing in the country’s economy. Australian miners signaled this morning that ire ore demand was down.
Overall, there’s not much going on today in term’s of economic news or other catalysts to drive the market. Many analysts continue to call for a meaningful pull back, but today could just be a profit taking day for some investors.
Looking at the markets this morning show the Dow down more than 90 points, the Nasdaq down more than 20 points and the S&P 500 down about 9 points. [Read more...]