Stocks FinishThe Day Unchanged
Stocks fluctuated Monday as investors did a little buying after four days of heavy selling. The Dow Jones industrial average erased its early losses and was up 27 points. Other major stock indexes rose slightly. Interest rates dropped as investors looking for safe investments bought U.S. Treasury notes and bonds.
The market initially pulled back after a regional manufacturing report fell short of forecasts and Japan became the latest country to show signs of slowing growth. Both reports raised investors' concerns about the pace of the global economic recovery. Analysts said Monday's trading was just a pause following four days of losses that sent the Dow down almost 400 points.
"The market is really being controlled by (short-term) traders," said Mike Rubino, CEO at Rubino Financial Group in Troy, Mich. "The long-term investor doesn't appear to be anywhere in sight."
Without those long-term investors, trading is expected to remain erratic for the foreseeable future.
In midday trading, the Dow rose 26.72, or 0.3 percent, to 10,329.87. The Standard & Poor's 500 index rose 3.05, or 0.3 percent, to 1,082.30, while the Nasdaq composite index rose 19.67, or 0.9 percent, to 2,193.15.
Investors continued buying Treasurys Monday, driving interest rates lower. U.S. government bonds are looking more and more appealing to investors wanting to find a safe place for their money as the economy cools and stocks drop.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.60 percent from 2.68 percent late Monday. Its yield is often used to help set interest rates on mortgages and consumer loans.
The yield on the 10-year note is near the level it last hit in March 2009 when stocks fell to a 12-year low.
"It's a sign of pessimism that investors accept that low a yield," said Joe Heider, principal at Rehmann Financial in Cleveland.
Investors who are concerned about the U.S. economy got some bad news from overseas Monday. Japan said its economy grew just 0.1 percent in the second quarter, well below the 1.2 percent growth in the first quarter and short of expectations. The report follows signs last week that both the U.S. and Chinese economies are not growing as fast as earlier in the year.
Meanwhile, the Federal Reserve Bank of New York said manufacturing activity in the state rebounded slightly this month after falling sharply in July. Despite the modest gain, activity did not expand as much as had been forecast, which indicates that economic growth remains tepid.
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