The market rebounded sharply on Friday with all three major indexes showing gains of more than 1.5%. The rally came despite some negative economic and corporate news. The consumer sentiment index for August was revised down to 68.9, below consensus of around 70. Intel, meanwhile, lowered its revenue outlook for the current quarter. The news sent the Dow below 10,000 shortly after 10am. But then a wave of short-covering sent major indexes sharply higher. And the Fed chief Bernanke's comments that it is reasonable to expect some pickup in growth in 2011 and subsequent years also helped sentiment and pushed the market to close at the highest level of the day.
 
All 10 major sectors finished the session higher led by materials and energy. The CRB commodity index rose 1.2%. The US dollar was mixed against most currencies. Treasury yields were higher. The three-month US LIBOR was unchanged. The VIX index dropped less than 1 point. The market breath was positive on both NYSE and Nasdaq. The volume was on the light side.

The market resumed its slide on Thursday with the Dow closing below 10,000 for the first time since early July. Initial jobless claims fell to 473K, which is slightly better than 485K expected. The dollar dropped 0.5% against the euro, which rebounded following strong results from Ireland's latest debt offering. The offering came after a downgrade of the country's sovereign debt rating.
 
All 10 major sectors finished the session lower led by tech and energy. The CRB commodity index rose 0.9%. The US dollar was lower against most currencies. Treasury yields were lower. The three-month US LIBOR was unchanged. The VIX index rose less than 1 point. The market breath was negative on both NYSE and Nasdaq. The volume was on the light side.

The market rebounded slightly on Wednesday after dropping almost 4% in the previous four sessions. Economic news continued to come weaker than expected. Durable goods orders for July increased 0.3%, far below 3.0% increase that had been expected. Excluding transportation, it dropped 3.8% versus an increase of 0.5% expected. New home sales, meanwhile, fell 12.4% month-over-month to an annualized rate of 276K. The reading was also below 334K expected.
 
Most major sectors finished the session higher led by consumer discretionary and health care. The CRB commodity index dipped 0.3%. The US dollar was higher against most currencies. Treasury yields were higher. The three-month US LIBOR dipped 1 bps to 30 bps. The VIX index dropped less than 1 point. The market breath was positive on both NYSE and Nasdaq. The volume was neutral compared to the previous one.

The market tumbled on Tuesday following some disappointing economic news. The Dow briefly dropped below 10,000 levels before rebounding slightly towards the close. Existing home sales for July dropped a larger-than-expected 27% month-over-month to an annualized rate of 3.8 million units, the worst since records began in 1999. As a result of the drop in sales pace, the supply of homes now stands at 12.5 months, which indicates a double dip in housing is very likely.
 
Most major sectors finished the session lower led by materials and health care. The CRB commodity index dipped 1.3%. The US dollar was higher against most currencies. Treasury yields were lower. The three-month US LIBOR dipped 1 bps to 31 bps. The VIX index rose 1.8 points. The market breath was negative on both NYSE and Nasdaq. The volume was heavier compared to the previous one.

The market started the week in a lackluster fashion. All three major indexes finished the session modestly lower while volume continued to be on the light side. There is little economic or corporate news that is able to move the market in today's trading. With less than two weeks remaining for the summer season, we could see more such sessions in the near future.
 
Most major sectors finished the session lower led by industrials and tech. The CRB commodity index dipped 0.4%. The US dollar was mixed against most currencies. Treasury yields were little changed. The three-month US LIBOR dipped 1 bps to 32 bps. The VIX index was barely changed. The market breath was negative on both NYSE and Nasdaq. The volume was on the light side.