The major stock averages are turning negative in late morning trading after beginning the day in positive territory. The market continues to trade mostly flat as investors await Bernanke’s speech at Jackson Hole, WY later this week. The Commerce Department said today the U.S. economy expanded at a slightly better 1.7% annual rate in the second quarter. The housing industry also saw some good news today as pending home sales jumped to their highest level in the past two years.
A quick look at the markets show the Dow up just barely with a 0.55 point gain, the Nasdaq is down about 2 points and the S&P 500 is down 0.30 points. [Read more...]