Stock market remains in corrective mode


Market Snapshot for October 31, 2011 (12:30 a.m. ET):

Closing Prices: DOW 12,231.11 (+22.56, +0.18%), S&P 500 1,285.09 (+0.50, +0.04%), NASDAQ 2,727.15 (-1.48, -0.05%), Nikkei 225 9,038.56 (-11.91, -0.13), DAX 6,346.19 (+8.35, +0.13%), FTSE 5,702.24 (-11.58, -0.2%)

OIL 92.53, GOLD 1,721.20, SILVER 34.49

EURO 1.3999, YEN 79.17, BRITISH POUND 1.5978, U.S. DOLLAR INDEX 76.345

Market Takes Pause Ahead of the Weekend

Friday was a slow day for the markets. After strong upside into Thursday afternoon, the indices were once again hitting intraday resistance ahead of the closing bell and were falling into corrective mode. Daily resistance from prior highs and congestion this summer also gave the markets reason to pause. Hope for a solution to the European Union's debt crisis fueled the rally on Thursday, but detailed plans on how such a solution will be implemented remain allusive. Although we are in the midst of earnings season, eyes will remain on Europe with the leaders of meeting at the G-20 summit in Cannes from November 3-4. The European Central Bank's interest rate announcement will also be out this week on Thursday, while our own FOMC rate decision will be out on Wednesday following a two-day Fed meeting.

Dow Jones Industrial Average (Figure 1)

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