Market Hits New Highs Then Stalls

Wall Street took advantage of two poor figures to go register new highs during the first hour of trading then followed by nothing.

Complete stagnation for US indices with a volatility of 0.15% for no less than three and a half hours (the S&P500 oscillating between 1.996 and 1998.8) before concluding with a gain of 0.48 %.

The rise of the dollar to 1.3195 / Euros is not good news for U.S. exporters.

Sales of new homes in the United States fell by 2.4% in July to 212,000 (estimated between 221,000 against 225,000 and range) and prices yoy increased by only 2.9% (flat since spring).

Moreover, the PMI Markit purchasing managers in the services sector in August fell to 58.5 from 60.8 Points (preliminary estimate) while the consensus is betting on a marginal drop to 59.5 points.

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Pete Southern

About Pete Southern

Pete is an active investor with knowledge of all sectors but his first love are IPO's. A failed day trader who now understands research. A love of economics and writing seen Pete begin to publish content for various finance blogs. Our main editor and collator of contributions, he is your point of contact via editorial at stockpricetoday.com

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