After the three day weekend, the market charged out of the gate with gusto on better than expected news concerning Hurricane Gustav and the damage it didn’t do. The ISM report fell shy of expectation and Construction Spending was down. However, the market gave back early triple digit gains to finish lower. Tuesday, Factory Orders were up slightly, oil faltered along with continuing concern about financials leading to a small move up in the Dow. The S&P and Nasdaq finished lower. The story on Thursday was jobs. The ADP Employment Index indicated a much larger drop than anticipated and first time jobless claims had a large increase. There were several weak retail reports that all contributed to a 344 point drop in the Dow. On Friday, amidst a plethora of bad economic data, the market fought back to close higher after spending much of the day firmly in the red.

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