U.S. stocks stall in stretch toward record
Dow Jones Industrial Average is 110 points from highest close
NEW YORK (MarketWatch) — U.S. stocks fell on Thursday, making a last-minute retreat after spending most of the day climbing toward record highs, but ended the month with 1% gains.
The late reversal comes after mixed data on growth and employment, and ahead of government spending cuts set to begin at midnight. It also put off, for at least another day, the recapture of the 2007 highs that were in relatively easy reach for part of the day.
“Everybody is focused on weak GDP in the fourth quarter and high unemployment. That’s OK if you’re an economist, but if you’re an investor, you should really focus on the impact that monetary stimulus is having on the financial markets,” said Alan Skrainka, chief investment officer at Cornerstone Wealth Management in Des Peres, Mo.
“We have two enormous opposing forces. On the one hand we have deleveraging, which we saw in the GDP numbers with government spending down. Then we have enormous stimulus, and it’s pretty clear which side is winning,” Skrainka added.
After coming within 15 points of its all-time closing high of 14,164.53, set on Oct. 9, 2007, the Dow Jones Industrial Average (DJI
JIA) shed 20.88 points, or 0.2%, to end at 14,054.49, leaving it up 1.4% for the month. It’s now 110 points from that record high. http://www.marketwatch.com/story/stock-market...atest_news
