Barring a huge meltdown today, investors will ring in strong gains for January, but the market is certainly teetering this afternoon.
The Conference Board said its gauge of consumer confidence unexpectedly slid to 61.1 in January from 64.8 the month before. And the ISM in Chicago saw its gauge of manufacturing activity slip to 60.2 from 62.2.
That, along with somewhat disappointing earnings reports from Exxon Mobil (XOM) and agriculture giant Archer Daniels Midland (ADM), is causing the market to slide this afternoon even after indexes looked ready to post gainsin pre-market action. For once, it appears that U.S. data is overshadowing some relatively good news out of Europe as EU members signed a pact meant to ease budget and debt problems.
The Dow was recently trading 0.5% lower.
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