After two consecutive weeks of more than 200 basis points of growth in S&P 500 market prices, resulting from general enthusiasm over the stimulus decisions of the ECB, Fed, and Japanese Central Bank, the market took profits relatively quietly last week. Last week’s economic reports were generally flat.

The markets opened up today on the heels of last week’s positive developments in Europe. Unfortunately, Manufacturing ISM came in unexpectedly low at 49.7 versus an expected 52.2, which was down sharply from last month’s 53.5.  The market quickly gave up those early gains; the S&P 500 and the Dow took a small loss while the NASDAQ held onto a small gain.