With Thursday’s huge selloff, the stocks finished last week with lots of investors scrambling big time. The Dow Jones Industrial Average had a 1% decline DJIA -0.35% while the S&P 500 index dropped 1.4% at SPX -0.28%. Also, the Nasdaq Composite Index went down around 1.5%, COMP -0.12%.
The GDP growth was revised last Friday rising 4.6% on the back of business venture yet investors aren’t convinced that this revision will result into job generation.
Due this current week is data from August—that is personal income figures and consumer spending for Monday, consumer confidence data and Chicago PMI on Tuesday and ISM manufacturing index to be gone over on Wednesday.
Analysts are saying that it’s highly likely that the stocks will be choppy because real bargains aren’t readily available while buying-the-dip attitude is predominant.
Almost everyone is seeing the slow growth of economic recovery, at least not up to the level or speed that they expect to realize. According to Robert Pavlik, Banyan Partners chief market strategist, no one is really seeing the big growth of jobs comparing the August and September numbers.