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Concerns Over Syria Military Action Spark Late Day Selling

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Today's financial recap and tomorrow's financial outlook.

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UK banks were closed for a holiday today, and there was no market-moving economic data overnight from Europe or Asia. Italian markets fell more than 2% today. Former Prime Minister Silvio Berlusconi threatened to take down the Italian government if he was ejected from Parliament. His People of Freedom party argued that because Berlusconi received such a large portion of the popular vote in the latest election, expelling him would not be reasonable.

US equity indexes remained up between 1 and 6 points throughout the majority of the day, led by gains in homebuilding and financial stocks. A speech by Secretary of State John Kerry hinted that the US was very against the use of chemical weapons by the Syrian government on its own people. Some investors noted that the speech was similar to comments made by the Bush administration prior to the invasion of Iraq ten years ago. A large amount of stocks were sold shortly after the speech, with the S&P 500 (INDEXSP:.INX) quickly revisiting and breaking through its 50-day moving average. At the end of the day, the S&P 500 closed down 0.4%.

July durable goods orders fell 7.3% from the month prior. Orders ex-transports, which is the more closely watched figure, fell 0.6% from the prior month, which was below the +0.5% economist estimate. Retail and transportation stocks performed strongly, however. The Dallas regional manufacturing survey rose to a reading of 5.0 in August from 4.4 in the month prior.

Tomorrow's Financial Outlook

The June S&P/Case-Shiller home price index will be released tomorrow morning. Economists estimate that the index rose 12.10% from the prior year in June. Later in the morning, the Conference Board will release its consumer confidence index for the month of August. Economists estimate that the index will decline slightly to 79.0 from 80.3. Lastly, the Richmond regional manufacturing survey is expected to trend back up to a neutral reading after falling to -11 last month.

Global economic data will be light tomorrow. Japan will release small business confidence figures for August, and the IFO Institute will release German investor economic expectations for August.

The two major US earnings reports on the calendar are Workday (NYSE:WDAY) and Tiffany (NYSE:TIF).

Twitter: @Minyanville

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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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