Dow Jones Industrial Average (.DJI) Pushes Forward After Early Trading Slump

Page 1 of 2

The Dow Jones Industrial Average (INDEXDJX:.DJI) fell sharply shortly after the market opened, losing 39 points. But the index was making its way back to breakeven, with peaks that just missed the heights of Friday’s close — until 11 a.m. EDT, when the Dow Jones Industrial Average (INDEXDJX:.DJI) surged past that mark to a 12-point gain. Without any major economic news today, investors are left to their own devices, creating uncertainty over whether the markets will see a fifth week of gains.

Dow Jones Industrial Average (INDEXDJX:.DJI)

Economic news quiet
The calendar of events is pretty sparse this week, but investors may be setting their sights on Wednesday, when Fed Chairman Ben Bernanke will testify before Congress on the state of the economy. Since there has been increased interest on behalf of the FOMC members to start paring down the current bond purchases in its QE policy, the market will be looking for any signs in Bernanke’s testimony that that may happen sooner than later.

Also starting on Wednesday, investors will get a bevvy of housing data that may move the markets. New and existing home sales data, as well as the FHFA home price index and mortgage application activity, are sure to stir up some movement in the markets. Since the huge drop in housing starts last week, concerns about the housing market’s rebound have developed, so the sales data will be especially important as a sign for the demand of current inventory.

Inside the Dow
Just after 11 a.m. EDT, financials are some of the stocks helping the Dow Jones Industrial Average (INDEXDJX:.DJI) surge higher. American Express Company (NYSE:AXP) is leading the way with a 1.43% gain in trading. The personal finance company may still be enjoying the boost it got from news that more merchants will be capable of accepting its cards thanks to the digital payment service Paymill. Though the service allows merchants the capability of accepting the cards, there is still a chance that some will not, since American Express Company (NYSE:AXP) charges higher processing fees than some of its competitors.

Bank of America Corp (NYSE:BAC) is also headed higher this morning, with a 0.64% gain so far. Though the bank was just downgraded to “market perform” by KBW, investors may be more interested in how the bank is performing in the courtroom. After the New York Attorney General filed a suit against Bank of America Corp (NYSE:BAC) and Wells Fargo & Co (NYSE:WFC) for violating the terms of a foreclosure settlement, the bank went on the defensive. Bank of America Corp (NYSE:BAC) filed a letter stating that the AG had no right to file suit against it since it had not been informed of the formal violations and had not been given a chance to remedy the alleged violations.

Page 1 of 2
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Most Expensive Animals in the World

Most Expensive Specialty Crops in the World

Movies That Took Ages to Make

The Longest Hollywood Films Ever Made

Most Expensive Concert Stages

The Richest Bands of all Time

10 Most Corrupt Countries 2013 List

10 Countries with the Highest Quality of Life Index

Most Expensive Mattresses in the World

5 Smallest Countries by Land Area

The Ultimate Heartbreak Songs

Richest Teenagers in the World

10 Most Haunted Places in America

10 Best Places to Retire in Florida East Coast

Top 10 Places to See Before You Die

Top 8 Countries in the World Where Justice Prevails

10 Richest States in America

15 Wealthiest Countries in the World

Richest Singers in the World

Most Expensive Tasting Menu in New York City

Most Expensive Baby Items in the World

Most Expensive Hotel Suites in Vegas

Most Expensive Brunch in New York City

Most Expensive Beef Cuts in the World

25 Best Colleges to Get a Job

Top 10 US Supermarkets

The 25 Most Dangerous Cities in the World to Visit

Most Expensive Xbox Games

Top 11 Cities Where Billionaires Live

Top 10 Most Charitable Companies in America

Most Expensive Seafood in the World

The 10 Wildest Conspiracy Theories

The 10 Best Job Markets in the US

Top 10 Accounting Scandals of All Time

The 25 Biggest Cities in the World

Top 10 Best Paying Virtual Jobs

Most Expensive Leather Shoes in the World

Top 6 Things to Buy in March

The 10 Most Stressful Jobs in America – 2014 List

Top 10 Jobs for Introverted People

Top 10 Honeymoon Destinations in the World

Top 10 Highest Paying Jobs in the World

Most Expensive Day-Care in New York City

The 10 Cheapest Places to Retire Abroad

Top 10 Most Expensive Luxury Cars in the World – 2014

Killer Small Business Ideas

The 50 Best Personal Finance Blogs

Most Expensive Apartments in New York City

Bloodiest UFC Fights Ever Fought

Most Expensive Rum Brands in the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!