Monday, May 30, 2011

Dow Jones Industrial Average Is Bottoming Up, 30-05-2011

Wall Street Recap: Dow Jones up 38 points on better consumer sentiment index
Small gains from last Wednesday to Friday helped the Dow to rebound from weekly low of 12356 to close at 12442 points (-0.6% week-on-week) last Friday, but still recording its 4th consecutive weekly loss. Wall Street will be closed on Monday for Memorial Day holiday.

Wall Street managed to pare losses by the end of the week with a strong May consumer sentiment index of 74.3 (consensus: 72.5), following a raft of mostly negative economic data including higher jobless claims, weaker-than-expected 1Q2011 GDP growth, and a slump in pending home sales.

Major U.S. economic reports scheduled for this week are Chicago PMI (31 May); May ISM and ADP employment (1 June); April factory orders (2 June) and May payroll data/non-manufacturing index (3 June).

Dow Jones Industrial Average Is Bottoming Up


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