Nothing happened but who should we believe?
It seems even the facts are up for interpretation when reading reports of what happened overnight. Is the invention of news signs of indigestion?
As you know I have long suggested that the daily market wrap is a bit of an information free zone for long-term investors. Occasionally however it can be funnier than the comic strips. This morning the overnight reports that arrived in our inbox gave us reason to have a chuckle.
Perhaps nothing happened but no journalist could possibly write “nothing happened”…
First from the reports of overnight action from AAP….
Wall St flat as Dow pulls back from highs
Published 2:58 AM, 14 Feb 2013 Last update 8:29 AM, 14 Feb 2013
By a staff reporter, with AAP
United States stocks closed mixed, with the Dow pulling back from multi-year highs, as investors took no direction from US President Barack Obama’s key policy speech.
A collection of lacklustre earnings reports and in-line economic data have capped gains.
The Dow Jones Industrial Average closed 36.1 points, of 0.26 per cent weaker, to 13982.6 points.
And now over to Bloomberg’s view of the same overnight action…
Most U.S. Stocks Rise as Investors Weigh Data After Obama
By Lu Wang & Leslie Picker – Feb 14, 2013 8:05 AM ET
Most U.S. stocks rose, sending the Standard & Poor’s 500 Index to the highest level since October 2007, as investors weighed economic reports and President Barack Obama’s State of the Union address.
Four stocks gained for every three that fell on U.S. exchanges as of 4 p.m. in New York. The S&P 500 rose 0.1 percent to 1,520.29. The Dow Jones Industrial Average lost 36.33 points, or 0.3 percent, to 13,982.37.
Roger Montgomery is the Founder and Chairman of Montgomery Investment Management. Roger has over three decades of experience in funds management and related activities, including equities analysis, equity and derivatives strategy, trading and stockbroking. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.
This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.
