The S&P 500 Index ended on a mild loss of 4.3 points, closed at 1173.81. Bulls backed away from the market today, spooked by a surprise rise in jobless claims and a foreclosure crisis in the financial sector.
Data had little influence on trade. Among the items released, initial jobless claims for the week ended October 9 totaled 462,000, which is more than the 450,000 claims that had been expected.
It's the action in the Financial Sector that's important. As long as the financial sector lags, it will be tough for the overall market to really get going.
In yesterday post, I mention about the market may have a mild correction that will bring the market to 1165 to 1170. Today's low 1166 may act as a short term support. The next support will be 1155-1160. Google's outstanding earning report may give market some support tomorrow.
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