Midday Wrap: Sentiment Sours Market Mood
The major indices struggled to end the weak on a positive note Friday in the wake of a souring consumer mood. Both the S&P 500 and Dow traded near flat by noon after hitting all-time-highs earlier in the week. The Nasdaq edged lower.
StockTwits.com users predicted that a drop in consumer sentiment would make it unlikely that the market would rally to end the week.
$BAC Consumer Sentiment just killed any chance of a buy the market dip today….
— Seth Smith (@AllenWindsor52) May. 16 at 09:56 AM
A University of Michigan/Thomson Reuters survey indicated that consumer sentiment fell in April. The consumer sentiment index dropped from a reading of 84.1 in April to 81.8 in May. Economists had anticipated a gain to 85. Survey respondents indicated that wage stagnation was the main reason for the slump.
— Ivaylo Ivanov (@ivanhoff) May. 16 at 09:48 AM
— TwentyOne (@TwentyOne) May. 16 at 09:55 AM
Some investors said there was enough positive news out there to warrant a push higher by end-of-day.
— VR. (@ChalanTA) May. 16 at 11:55 AM
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