Wall Street Turns Around and Gives Back Early Gains

September 30, 2009 Share Print 0

Wall Street struggled to stay in positive territory on Wednesday after a gauge of business activity in AmericaÃ¢â‚¬â„¢s mid-west unexpectedly shrank last month.

The Institute for Supply Management-Chicago business barometer fell to 46.1 in September from 50 in August after economists had forecast a reading of 52.

A reading above 50 indicates expansion in the regional economy.

US stocks had initially opened higher after data showed the countryÃ¢â‚¬â„¢s economy contracted at a slower pace than previously thought, setting stocks up for their seventh straight monthly gain.

Financial Times

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.