Market Talk

US stocks finish mixed after a mainly weak session, amid a worse than expected consumer confidence report, a better than expected housing report, and a lackluster auction of Treasury bonds. For the first time in weeks, earnings isn’t a major focus of trading. (Video recap here.)

DJIA slips 12 to 9097, S&P 500 loses 3 to 980, but Nasdaq Comp adds 8 to 1976. Again, late surge cuts the losses. It’s interesting to note that the market couldn’t get any juice out of a report on home prices that many, even the report’s namesake, considered a positive sign.

Conference Board’s consumer confidence reading falls for a second month, and by more than Street expected. Case-Shiller shows slightly moderating home-price deterioration, but also first monthly rise in nearly three years. That fuels some hopes that housing has actually and finally struck a bottom.

Of course, the report showed yearly declines in the 16-17% range, which is only marginally better than the 18-19% losses it was showing a few months ago. But even Robert Shiller said he was surprised by the data, and considered it a good sign.

Treasury’s auction of two-year notes is mediocre, and with the government auctioning off yet another record amount of bonds, on a weekly basis, there is fear for the auctions slated for later this week. Elsewhere, crude falls under $68/barrel.