U.S. stock markets appear poised for a lower start after nearly reaching their highest levels of the year.
Today marks a notable anniversary on Wall Street; it was two years ago today, on October 9th, 2007, that both the Dow and S&P 500 finished at their all-time closing highs. The Dow finished at 14,164.53 and the S&P 500 closed at 1565.15. While those averages are still currently about 30 percent below their all-time closing high, they are also about 50 percent above their lows reached back in March.
It will be a quiet Friday as far as economic news and earnings are concerned. The Commerce Department announced that the trade deficit unexpectedly narrowed as exports climbed. That is the only report scheduled today and there are no earnings releases of note on today’s calendar. The dollar hit a 14-month low yesterday, so it and gold prices will likely draw the attention today.
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