Reaching For a Record… Don’t roll that B-roll footage of smiling NYSE floor traders just yet…the S&P and Nasdaq are currently poised to notch yet another record closing high but it hasn’t been an easy trek. The optimism that reigned pre-market as investors took a trip Phase One memory lane has been leveled out, as a disappointing August Consumer Confidence data offset some of the enthusiasm born from July Retail Sales data earlier this month. Still, Housing data continues to burn red hot, though Homebuilders (ITB -1.0%) are taking a dip into their impressive ytd gains (ITB +27% ytd). Tech hasn’t been its usual self today as Apple’s pre-split surge has cooled a bit, though Media is being propelled higher after Facebook (FB +3.9%) announced it’s pushing further into the e-commerce world. Otherwise Value isn’t having its best day, apart from Banks which are enjoying the 10-year yield moving back near 0.7%
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