| Close Dow -117.05 at 11005.37, Nasdaq -30.96 at 2251.06, S&P -15.27 at 1277.90: [BRIEFING.COM] Each of the major averages closed lower following a lackluster session marked by extremely light volume. Investors were hesitant to add new positions ahead of the longer holiday weekend. By the end of the day, the Dow managed to close just above 11,000 and the Nasdaq had posted a 1.4% loss... A batch of weak economic data set the tone for today's session. Specifically, two measures of consumer activity indicated slight weakness and one read on business activity suggested a continued soft spending environment. Revised Michigan Sentiment for May, which is a read on consumer confidence, was released at 92.0 which was slightly below its initally reported 92.6. It's worth noting, the trend relative to the prior month remained intact as the final number represents an increase over April's 88.4... Separately, Existing Home Sales for April fell 4.2% from their record levels in March. The drop was in line with consensus expectations but homebuilding issues experienced sell pressure nonetheless. On the business side of the equation, April Durable Goods Orders were reported down 5%, which was well below consensus expectations. Notable within the durables report were nondefense capital goods orders -- a monthly proxy for capital investment -- which fell 5.2%. This is an indication investment will remain a key economic concern though its worth noting Durable Goods are a volatile measure of economic activity. Finally, first quarter GDP was revised down to 1.3% growth from an initial reading of 2.0%. DJTA -0.7%... DJUA -1.9%... SOX -0.6%... XOI -0.3%... BTK -1.0%... Nasdaq 100 -2.1%... S&P Midcap 400 -0.3%... Russell 2000 -0.3%... NYSE Adv/Dec 1388/1632... Nasdaq Adv/Dec 1849/1954. |
