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SmarTrend(R) Market Close Wrap-up -- September 29, 2009

Posted on: Tue, 29 Sep 2009 16:41:00 EDT

Symbols: NKE

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Sep 29, 2009 (SmarTrend(R) Market Commentary via COMTEX) --
NKE | Quote | Chart | News | PowerRating -- Last updated September 29, 2009: 4:30 PM ET --- The major U.S. equity indices closed lower Tuesday after a report showed that Americans are still jittery about the economy. The Conference Board report showed that index consumer confidence fell to 53.1 in September from 54.5 in August, and lower than the analyst estimates of 57. Consumer confidence has been a key focus for the stock market in recent months and analysts believe that a true turnaround in the economy can't occur until consumers start spending again and more jobs are created by employers. The S&P/Case-Shiller home price index of 20 major cities provided the latest encouraging sign for troubled housing sector when it was reported that the index rose 1.2% in July from June. However, home prices are still 13.3% below July of 2008, but declines have slowed for the past six months. In corporate news, Nike (NYSE:NKE) reported fiscal Q1 EPS of $1.04, topping consensus estimates of $0.97, and revenues fell 11.6% year-over-year to $4.80 billion, which was short of the consensus estimates of $4.90 billion. The Dow Jones Industrial Averaged closed 0.48% to 9,742.20, the S&P 500 fell 0.22% to 1,060.61, and the Nasdaq Composite fell 0.31% to 2,124.04.

Write to Chip Brian at cbrian@tradethetrend.com

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