Monday, November 3, 2008

US stocks flat before election

Stocks in New York traded within a narrow range as investors were cautious before the US election on Tuesday. The Dow ended the day down frationally at 9319 and the S&P closed at 966. Asian stocks continued last week's rally as the Sensex closed up 5% to 10,337 while the Nifty climbed to 3043.

While I am bearish this week, today's session was not a surprise, particularly as some investors are waiting for the outcome of the election. It is conceivable that the market will not find a clear direction until Wednesday.