Summer Ends on a Bang, but It's Too Early for Investors to Celebrate
The Dow Jones Industrial Average ($INDU) gained a healthy 3% last week thanks to some encouraging economic news and a surprisingly good reading -- relatively speaking -- on the U.S. job market. After suffering its worst August in nearly a decade, the blue-chip index found a welcome way to put summer behind it.
But don't be disappointed if last week's market euphoria fails to carry over the long holiday weekend into this week's trading and beyond, says Kenny Polcari, managing director at interdealer broker ICAP Corporates.
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"I don't think it's time to pop the champagne yet," Polcari tells DailyFinance's Nikhil Hutheesing in an interview on the floor of the New York Stock Exchange (NYX). "We need to see a trend of really good jobs numbers coming out. And we've got consumer confidence coming out today and weekly jobless claims on Thursday."
In other words, there's a heap of data for traders to digest this week -- so much so that last week's market action is already old news. For more on Polcari's take from the NYSE, see the video below:
