HW 30 heats up as Northeast goes cold
The markets were having another downer day on the second day of trading of 2014, in some measure thanks to warnings from Philadelphia Fed president Charles Plosser about rapidly rising interest rates while speaking Friday at the American Economic Association meeting.
Trading was light due to the massive winter storm that slammed the east coast on the last day of the New Year’s holiday week, but all the measures were down.
As of 2 p.m. ET, the Dow Jones was down 0.82% to 16,441.35, while the Nasdaq was down 0.32% to 4129.90 and the S&P 500 was off 0.09%, standing at 1,830.32.
The HW 30 (HW30) equity index of firms driving the U.S. housing economy was up 0.63% to 1099.15, driven largely by gains among financial institutions and investors.