msft

Here are todays unofficial closing numbers:

Dow 9,487.37 -21.91 (-0.23%)
S&P 500 1,025.18 -4.67 (-0.45%)
Nasdaq 2,048.11 -9.37 (-0.46%)

Out of the chute this morning, the S&P/Case-Shiller index rose 1.2% in July and gave the market a nice uptick for a while. Then came the report from the Conference Board that its consumer confidence index for September fell to 53.1 from 54.5 in August. What was worse is that economists had estimated a rise to 57 for the month. The soft confidence number is almost certainly due to people worried about losing their jobs. Right now, it could be that traders are waiting for Friday's unemployment report before jumping one way or the other. The negative news won out and the indexes traded down most of the day.

The numbers:

Dow

S&P 500

Nasdaq

DJIA: 9666.48 -40.96 (-0.42%)

NASDAQ: 2090.92 -16.69 (-0.79%)

S&P 500: 1044.44 -6.34 (-0.6%)

The market seems to want to go up each day as it has relentlessly almost every trading session since April. But yesterday, it had a tiny setback after the FOMC announcement. Today the culprit was housing. The National Association of Realtors said existing home sales declined 2.7% in August. Every economist worth his salt said the number would rise.

Good news on the unemployment front did give the market an early boost this morning. Within an hour, though, bad news on the housing sales front wiped out the gains and moved the major indices into negative territory, where they have remained.

Here were today's unofficial closing numbers:

Dow 9,706.99 -41.56 (-0.43%)
S&P 500 1,050.78 -10.09 (-0.95%)
Nasdaq 2,107.61 -23.81 (-1.12%)

The market was remarkably bored about most of what the Fed had to say about the results of the FOMC. A close reading of the minutes shows nothing new. The economy is very modestly better. The turn for the better will be slow and painful. Housing may be getting a tiny bit better. Rates will stay near zero. The only statement which may not have been expected by almost everyone is that the agency will continue buying mortgage-backed and federal debt into the first quarter of next year.

The lack of enthusiasm showed as the major indices traded fairly flat. Today's unofficial numbers:

Dow 9,749.31 -80.56 (-0.82%)
S&P 500 1,060.90 -10.76 (-1.00%)
Nasdaq 2,131.42 -14.88 (-0.69%)

The only really important bit of financial news today was the Reuters/University of Michigan consumer sentiment figure for August. It declined to 63.2 from 66 in May. The consensus among economists polled by MarketWatch was the August's figure would be 69. The portion of the poll called the "expectations index" hit its lowest level since March.

That is particularly bad news because March was the depth of the recession. Analysts were at a loss to explain why the consumer's picture of the economy had turned sour so fast. It is certainly a sign a rebound in spending may be well off in the future, which could be bad news for the upcoming holiday season.

Today's unofficial closing numbers:

Dow 9,321.40 -76.79 (-0.82%)
S&P 500 1,004.09 -8.64 (-0.85%)
Nasdaq 1,985.52 -23.83 (-1.19%)

Today's market news was dominated by two events. The first is that Wal-Mart Stores, Inc. (NYSE: WMT) reported earnings a bit better than expected and had a forecast that was a bit better than expected, to. Traders were left to ponder whether this means a modest return of the consumer or whether Wal-Mart is just that much better than its competition.

The government coincidentally announced July retail sales which were helped by the automotive "clunkers" program. Most analysts were surprised that the figure dropped .1%. The two pieces of news made traders reflect on the reality that the recession may be ending but the collateral damage is not.

Because no day can go by without some news on housing, there was date from RealtyTrac that foreclosures rose 7% last month compared to June.

Dow 9,399.17 +37.56 (0.40%)
S&P 500 1,012.84 +7.03 (0.70%)
Nasdaq 2,009.35 +10.63 (0.53%)

Stocks surged again, setting up August to be another big month for investors. The S&P 500 cracked 1,000 for the first time this year. The Institute for Supply Management's index moved to 48.9 in July, up from 44.8 in June. A number over 50 signals growth in the manufacturing sector.

Car sales for July were fairly strong. Ford Motor Company (NYSE: F) sales moved up a little more than 2% from the same month last year. GM sales were off almost 20%, but overall the month was as strong as any in a year. Industry experts said that the "cash for clunkers" program deserved much of the credit. The Senate may not approve another $2 billion for the program which has already been passed by the House. If the bill does not make it to the President's desk this week, August could be an unpleasant month for the car companies.

All three major indexes were up more than 1%:

Dow 9,286.56 +114.95 (1.25%)
S&P 500 1,002.62 +15.14 (1.53%)
Nasdaq 2,008.61 +30.11 (1.52%)

Nike (NYSE: NKE) has thus far navigated this downturn exquisitely. It has maintained sales overseas, in particular in Asia. Nike's legendary supply-chain mastery and inventory management skills have likewise served it very well. So it was a shock when the shoe giant announced Wednesday that future orders had dropped by 12%, according to Bloomberg. Bummed out investors bid down Nike share's by nearly 5% in after-hours trading.

Granted, Nike faced difficult comps. During the Beijing Olympic Games last summer Nike togs were selling like hotcakes around the globe. And a chunk of the reduction in order value came due to currency fluctuations. But it's hard to deny that this quarterly earnings announcement was a bleak reminder that the "green shoots" may be more of a Washington creation than a reality in the global economy.

The market spent the day as it has many a Friday in the summer: slowing going no where.

The University of Michigan/Reuters consumer sentiment index showed a very modest increase in June up to 69, from 68.7 in May. The same survey showed that expectations for six months from now actually dropped.

Oil and gas prices still dominated the headlines. Oil still hovers around $72 and the average price of gas rose for the 45th consecutive day to $2.63. The has to rattle consumers who have precious little discretionary income as it is.

In yesterday's online edition of The Wall Street Journal, it was reported that MBIA (NYSE: MBI) is facing lawsuits from a group of 18 different financial institutions. The lawsuit was filed in New York State court and includes the likes of J.P. Morgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), Morgan Stanley (NYSE: MS), and UBS (NYSE: UBS).

These banks are claiming that the way MBIA split its municipal bond insurance business earlier this year was "an unlawful attempt to escape" its contractual obligations to cover losses from mortgage securities. In addition to the split earlier this year, MBIA shifted $5 billion to a municipal bond insurance company.