Stocks surge early on with good news from the US, then stumble on US retail data. Unfortunately, a seventh straight day of gains were not meant to be as poor consumer spending data brought confidence down and signaled a possible slowing down in recovery.
Yesterday the Dow Jones Average closed up over 1.4% at 10,363. Alcoa posted strong numbers on Monday night and Intel reported better than expected second quarter results to help drive the market up.
The jobs data will be closely watched here in the UK, as these figures are due out today. Overall recovery status of the UK could be better defined through these numbers.
The FTSE 100 finished the afternoon session at 5,235 - down approximately 36 points.
ICAP led the way in the falling value stocks today. It was followed by CAIRN ENERGY, ADMIRAL GRP, BURBERRY GRP and BAE SYS, respectively.