Dow rose 48, advancers over decliners 3-2 & NAZ was up 25. NYSE volume was sluggish at 1¼B. Stocks rose nicely out of the gate but peaked at 2PM. Then the FED issued a statement that banks tightened mortgage lending standards in July bringing Dow back to break even. But Dow ended up slightly on a rally in the closing minutes. The FED announcement said that 75% of banks, compared with 60% in the prior release, had tightened lending standards. Oil prices dropped to the 112s, but rallied by day's end paring the loss to only 75¢, at 114.45. Gas prices at the pump keep slipping, down 30¢ in 25 days to "only" $3.81 as of yesterday.
Banks had a good day, up 5½, approaching the 302 peak reached last week:
S&P 500 FINANCIALS INDEX
Value...299.57____Change up...5.49___% Change...up 1.9%
Sorry I'm late. Had a computer problem, it didn't want to go online. Toshiba reminded me to use the old reliable "Restore." That fixed the problem! Adding a personal item. A junk bond fund I own increased their div 10% last month but I didn't know until they sent me the reinvestment statement. Their divs were reinvested at a new yearly low price. I call that, can't get no respect!
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