The stock market is turning lower this afternoon one day after a market wide rally sent the major indices up more than 1%. The choppy trading is mostly due to the lack of a catalyst to send it one way or the other. Economic data is fairly light today, so no respite there. The stress test results yesterday afternoon have already been digested and the market seems to have moved on.
Enter Goldman Sachs. You can tell the street is bored when all anyone talks about is an op-ed in the NYTimes. A former exec penned an op-ed in which he scathingly critiqued the people and the culture of Goldman Sachs. Pretty sure we saw this with the Matt Taibbi piece but hey, nice to have a confirmation.
Here’s where the major indexes stand at this time: The Dow is up 8 points , the Nasdaq is down 3 and the S&P 500 is off 3 points. [Read more...]