Reply #23: 12:37 EST Update and blather

[UpInArms]

Dow 10,205.26 -3.54 (-0.03%)
Nasdaq 1,921.03 +6.15 (+0.32%)
S&P 500 1,111.11 -0.36 (-0.03%)
10-Yr Bond 4.496% +0.012

12:25PM: Market gets a lift from the July Philadelphia Fed index, which jumped to 36.1 from 28.9 in June...this is a very strong reading, and adds to the evidence from the equally strong July NY Empire State index of 36.5 this morning that industrial production will snap back sharply in June...in light conditions this was enough to get the S&P 500 index to back near unchanged...NYSE Adv/Dec 1682/1354, Nasdaq Adv/Dec 1484/ 1326

12:00PM: The stock market has continued to languish this morning, among mixed economic and earnings news...the indices opened a bit higher on the report the June PPI fell 0.3% and the core rate was a tame 0.2%...less encouraging news came from a 0.3% decline in June industrial production, but the July NY Empire State index on manufacturing conditions rose to a very strong 36.5, suggesting improved manufacturing this month...the earnings reports on balance were good, but Citigroup (C 43.81 -1.29) and other banking stocks slid despite good earnings...the bank index is down 1.1%...

an earnings warning from Nokia (NOK 12.31 -1.93) was perhaps the most negative news today, while Apple Computer's (AAPL 32.36 +2.78) strong earnings the best news...oil and gold prices are slightly lower, and the bond market is flat...it is another day of the stock market sagging on light volume while awaiting some encouraging news to generate more buying interest...NYSE Adv/Dec 1625/1391, Nasdaq Adv/Dec 1328/1434

11:30AM: The ABC/Money sentiment index, as reported late yesterday, rose for the third straight week to -7 for the week...it is up from -20 a month ago, and slightly above its long- term average of -9 since 1985...improving sentiment was also evident in the June Michigan sentiment index that rose to 95.6 from 90.2 in May...