This Day On The Street
Continue to site
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

Market Waits For Election; Earnings Disappoint

CHRISTINA REXRODE

NEW YORK (AP) â¿¿ The stock market is waiting for the presidential election as much as anyone.

The U.S. stock market struggled for direction Monday. Stocks waffled between small gains and losses, but by mid-afternoon it seemed they would finish solidly lower. The Dow Jones industrial average fell as much as 108 points before rallying in the late afternoon to finish two points higher. There wasn't any obvious catalyst for the turnaround, other than general indecision on the part of investors.

Earnings reports from toymaker Hasbro, clothing maker VF Corp., regional bank SunTrust and other companies were underwhelming. The overhang of the presidential election in two weeks didn't help either. Investors are wary of making big moves before they know who's going to be the next president.

"They need to know the playing field before they get out there and play," said Jeff Savage, regional chief investment officer for Wells Fargo Private Bank in Portland, Oregon.

David Katz, principal and senior portfolio strategist at WeiserMazars Wealth Advisors in New York, said it matters more that the election is wrapped up than who is elected.

"One could say the markets will rally stronger if the Republican candidate becomes president," Katz said. "But one way or another, the markets will have direction, and the markets like direction."

The Dow Jones industrial average ended virtually flat. It inched up 2.38 points, or 0.02 percent, to close at 13,345.89.

The Standard & Poor's 500 index was also little changed, edging up 0.62 point to 1,433.81. The Nasdaq composite index rose 11.34 to 3,016.96.

Besides the election, an economic report due Friday also has the markets in a holding pattern. That's when the government is supposed to report how much the U.S. economy grew in the third quarter. But already, company reports are signaling that consumers, who drive the bulk of economic growth, are far from healed.

1 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
Only $9.95
14-Days Free
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
SYM TRADE IT LAST %CHG

Markets

DOW 17,734.82 +115.31 0.65%
S&P 500 2,073.74 +10.63 0.52%
NASDAQ 5,004.7240 +17.8570 0.36%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs