Investors have to be glad April is over. Logging losses for the month, April turned out to be the worst month of 2012 so far. News out of the Europe continues to weigh on investors as Spain entered back into recession. The looming election in France is sure to cause levels of consternation to spike as we near May 6. The outcome of that election could push the Euro to the brink if Hollande carries through on his promises on pushing back against austerity.
Domestically the economic data pointed towards a mixed bag. The Chicago PMI cratered, while consumer spending held up, but still dipped from February. Investors will be watching for the NFP report due on Friday. Estimates are already being slashed on the number of jobs created.
The Dow ended the down 15. The Nasdaq and S&P also ended down, dropping 23 and 5 points respectively. [Read more...]