Comtex SmarTrend(R) Midday Market Recap -- October 27, 2009

Last updated October 27, 2009: 12:45 PM ET --- The major U.S. equity indices are seesawing as investors weigh mixed reports on home prices and consumer confidence. The Conference Board's consumer confidence index sank unexpectedly to 47.7 in October, which is the second lowest reading since May. Forecasters had predicted a reading of 53.1 and the lower-than-expected reading indicated that consumers may not be ready to spend this holiday season. Consumer strength is considered vital to economic recovery. The Standard & Poor's/Case-Shiller home price index of 20 cities climbed 1% in August, from July, to a seasonally adjusted reading of 144.5. Home prices fell 11.4% year-over-year but annual declines have slowed since February. In corporate news, IBM Corp. (NYSE:IBM) shares rose 1.2% after the company said it decided to double its stock-repurchase plan. The Dow Jones Industrial Average is trading 0.29% higher at 9,896.60, the S&P 500 is trading 0.09% lower at 1,066.03, and the Nasdaq Composite is down 0.78% at 2,125.04.

Write to Chip Brian at cbrian@tradethetrend.com

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