The Closing Look

Stocks opened lower but closed near their highs on Wednesday as investors digested the latest round of economic data.Auto sales fell which hurt sentiment. GM said sales plunged -18% last month and Ford (F) said sales tanked -5.9%. In the afternoon, the Fed’s Beige Book showed a decent picture of economic growth across the 12 districts. The fact that it was not a big miss, helped the market.

Gary’s Thoughts: Quiet but better action in the smalls and good reversal in the financials after ugliness early. Continued contracted volatility at the tips for Dow and S&P. Something will give soon.