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Today's weakness was due to two issues. First was a much needed pullback after a monster run-up in the markets. Second was a weak Asian market turnout that spilled over to the west on concerns that maybe the recent gains did not add up to as high as share prices had gone. The stronger NY Fed District manufacturing data was merely a footnote. The bears might claim a decisive victory because there were no major rallies, but keep in mind that this is a summer Monday with light trading desks. Here were today's unofficial closing bell levels:
Dow 9,135.34 -186.06 (-2.00%)
S&P 500 979.72 -24.37 (-2.43%)
Nasdaq 1,930.84 -54.68 (-2.75%)
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