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| Fellow Investor,
The stock market recovered from Wednesday's sharp drop. The major indices traded higher for most of the day, before a late sell-off drove them in onto the red. The S&P 500 closed less than a half-point form support at 1,301.
But while investors seem to be feeling at least slightly better about a budget deal getting done before Tuesday, another negative catalyst has reared its head -- weak economic data.
Not only did the durable goods number come in weak, but the Fed's Beige Book of regional economic activity also showed weakness. Fortunately, new unemployment claims dropped below the 400,000 level for the first time in about 4 months, and earnings continue to come in solid for the most part.
Today, we got the first read on 2Q GDP growth -- 1.3%. That's better than the second quarter's 0.4%, but it's still not very good at this stage of the recovery. Estimates averaged 1.8% growth.
Household purchases were up 0.1% in the quarter. As much as economists like to say things like the "consumer is cautious", this number also says the "consumer is unemployed."
Add recent economic data to the impasse in Congress, and it's looking like a couple pretty ugly days to end the week here.
The S&P 500 is poised to move below 1,301 and challenge the next support point at 1,280. It would be good if the S&P 500 stayed above that level....
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Market Snapshot
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| | US Markets - July 27 Close | | Dow Jones | 12,240.11 | -62.44 | (-0.51%) | | 
| | S&P 500 | 1,300.67 | -4.22 | (-0.32%) | |
| | Nasdaq | 2,766.25 | +1.46 | (+0.05%) | |
| | Currencies | | EUR/USD | 1.4372 | +0.004 | (+0.305%) | |
| | USD/JPY | 77.065 | -0.63 | (-0.811%) | |
| | GBP/USD | 1.6402 | +0.003 | (+0.187%) | |
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