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

The 10 Largest Pharmaceutical Companies In the World

The 10 Most Expensive Android Apps

The 9 Most Expensive Designer Bags in the World

The 7 Most Expensive Real Estate in the World

The 10 Most Expensive eBay Items Ever Sold

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

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!