This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Stocks Finish Mixed as Bernanke Wait Continues

The U.S. economic data was mixed. The Conference Board said its consumer confidence index fell to a nine-month low of 60.6 in August, from a downwardly revised 65.4 in July, as consumers took on a more pessimistic outlook. Economists thought the confidence index would increase to 66 in August.

A read on the S&P/Case-Shiller 20-city home price index showed a rise annually of 0.5% in June after a decline of 0.7% in May. Economists expected a fall of 0.1% annually in June.

For the second straight month, all 20 cities recorded positive monthly gains.

Michelle Meyer, senior U.S. economist at Bank of America, said that the home price data supports her view that national home prices bottomed at the beginning of the year. "That said, the recovery is likely to be bumpy and we expect softening into year-end."

On consumer confidence, she noted that weakness was concentrated in the expectations component, "which likely reflects uncertainty around the fiscal cliff and election;" adding that the economy has been slow to recover with limited job opportunities, heightened international risks and political uncertainty. "This will keep consumers on edge and the economic growth sluggish."

Overseas markets were subdued as global growth anxieties overshadowed hopes for global central bank accommodation, with Japan slashing its assessment of the economy, referencing a slowdown in the U.S. and China, and the European debt crisis. Japan warned of potential risks for the country due to the sluggish global environment.

Spain's second-quarter gross domestic product shrank 1.3% from last year, worse than the prior estimate of a 1% contraction and indicating that the country was in a deeper recession than previously thought. The data was overshadowing improved eurozone lending data.

Meanwhile, the Spanish region of Catalonia is planning to request €5.02 billion ($6.28 billion) in financial aid from the Spanish government's liquidity program.

A meeting was taking place between European Council President Herman Van Rompuy and Spanish Prime Minister Mariano Rajoy in Madrid Tuesday to talk about the economic crisis and Spain's efforts to avoid having to seek a sovereign bailout.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
LXK $42.66 0.00%
AAPL $128.46 0.00%
FB $78.97 0.00%
GOOG $558.40 0.00%
TSLA $203.34 0.00%

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs