Go Finance Reporting in NEW YORK - The S & P 500 failed to penetrate the resistance level on the second day of trading on Tuesday due to low trading volume, giving rise to further questions about market forces.
Reported by Reuters on Wednesday (04/06/2011), the broader market index, closed slightly below 1333, and closely watched because it is a doubling of low to in March 2009.
The average of the Dow Jones Industrial (DJI) slid 6.13 points, or 0.05 percent, to 12393.90. The broader Standard & Poor's 500 (SPX) fell 0.24 points, or thin 0.02 percent to 1332.63. While the Nasdaq Composite Index (IXIC) rose two points or 0.07 percent, to 2791.19.
Known, the Wall Street trading volume was relatively low observed that only 7.03 billion shares traded on the New York Stock Exchange, NYSE Amex, and Nasdaq compared with an estimated daily average of 8.47 billion last year.
However, this is balanced by the Nasdaq 100 (NDX), which will be effective on May 2, where traders were encouraged to buy the company to make the weight increase, including Microsoft Corp. (MSFT.O), Intel Corp. (INTC.O) and Cisco Systems Inc. (CSCO O), which all increased approximately one percent.
"Volume (low) as a sign that there is little confidence from a seller in this market," said Head of Market Strategy for LPL Financial in Boston, Jeff Kleintop.
Benefits the S & P has built slowly since mid-March. Where last week was the thinnest trading week in 2011 and last Monday a day with the lowest volume. (GoFinance)
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