Wall Street's Summer Slumber Continues
The market's trend of turning in real snoozers this summer -- and now fall, too -- continued today, with the Dow Jones Industrial Average (INDEX: ^DJI) up 0.06% and the S&P 500 (INDEX: ^GSPC) down 0.09% with about a half-hour left in the trading day.
Disney (NYS: DIS) and Boeing (NYS: BA) topped the Dow's winners, gaining 2.6% and 1.4%, respectively. Disney's position as a content owner is seen as prized as a battle brews between Amazon and Netflix for streaming content. Boeing moved higher after revising its estimated 20-year demand from China higher by 5.2%. The company thinks Chinese carriers will need 5,260 new planes by 2031.
Elsewhere, Facebook gained 4.5% after Mark Zuckerberg said he would hold his shares for at least another year. Facebook will be freeing up millions of shares from a post-IPO lockup period in the next few months, and this could give investors a little confidence that at least someone won't be bailing at the first chance. This doesn't change Facebook's fundamental problems, but it may calm down investors for the time being.
The big loser of the market today was Nokia (NYS: NOK) , which announced a new line of Lumia phones with Microsoft this morning. Investors were anything but impressed, and the company's stock started to sink as soon as the event began, not stopping until it settled in at a 13% decline. The announcement didn't even come with launch dates, which is the least investors and consumers can expect, with Apple likely releasing its iPhone 5 on Sept. 19.
The market has practically been asleep for months, but that's likely to change soon. Tomorrow, the president of the European Central Bank will give a press conference about Europe's never-ending debt problems; on Friday, U.S. employment numbers come out; and next Wednesday, European bank regulations will be proposed. It will be a busy few months leading up to the election and the fiscal cliff.
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Fool contributor Travis Hoium manages an account that owns shares of Apple and Microsoft. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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