A lower dollar pushed stocks higher Monday and Tuesday, as the S&P 500 soared above the 1,100 level and the Dow Jones industrial average neared 10,500 points.īut the trend reversed on Wednesday, Thursday and Friday, as economic woes sent investors moving back into the dollar and stocks headed lower. Investors continued to pour money into stocks as the dollar weakened.įederal Reserve Chairman Ben Bernanke said on Monday that he was concerned about the dollar getting hammered, but he maintained that the Fed will continue to keep interest rates low in an effort to spur economic growth. The market had been taking sour economic news in stride, even surging to 13-month highs earlier in the week. "It's probably going to be revised lower, and it will be very interesting to see how the market reacts to that." "That GDP number may catch people by surprise," said Art Hogan, chief market strategist at Jefferies & Co. Though three housing reports are expected to show very moderate improvement in sales and prices, a revised reading on the nation's gross domestic product will likely show the economy didn't grow nearly as much as the initial estimate. That won't be a good thing if this week's economic data is as bad as economists think it will be. Low trading volumes often means stocks become more volatile. With only three and a half trading days this week, and with many traders away on vacation, volumes are expected to be much lower. "We're going to see the market get pushed around on very little volume, like a tumbleweed on the prairie," said Jack Ablin, chief investment officer at Harris Private Bank. NEW YORK () - Stocks hit a bit of a snag over the past few days, and the holiday-shortened week to come won't likely help them bounce back.
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