Wall Street dips after multi-month rally
 Calcutta News.Net

Friday 28th August, 2009

U.S. stocks were easier Friday after release of a report on consumer sentiment.

A Reuters/University of Michigan survey indicated the final reading for the August index of consumer sentiment fell to a 4-month low on high unemployment and personal finance concerns.

Friday's mini-correction interrupted a multi-month rally which has seen the major indices climb more than 50%.

"The market is starting to ask for proof the run-up is warranted," Keith Springer, president of Capital Financial Advisory Services in Sacramento, California told the Reuters news agency. "Without consumer spending, we can't have a meaningful recovery, and investors are starting to get weary of consumer spending not coming back."

At the close of trading Friday the Dow Jones Industrials were down 36.43 points or 0.38% at 9,544.20.

The Nasdaq Composite was up 1.04 points or 0.05% at 2,028.77.

The Standard and Poor's 500 was down 2.05 points or 0.20% at 1,028.93.

The U.S. dollar was little changed. Around the New York close Friday the euro was quoted at 1.4298. The Japanese yen was changing hands at 93.56, while the British pound was fetching 1.6272.

The Swiss franc was little changed at 1.0596. The Australian dollar rose to .8413. The Canadian dollar was marginally lower at 1.0916.

Keith Springer is President of Capital Financial Advisory Services, a registered investment advisor, providing Wealth Management and Mortgage Consulting Services.  For more information on how to build and maintain a solid retirement plan, please contact Keith Springer at 916-925-8900 or Keith@KeithSpringer.com