Winning Streak Ends as Stocks Slide 1%, Auto Sales Rise (GM, F)

Markets erase early gains after mixed economic data, recording losses on the day. The pullback is in response to a discouraging portion of the ISM report related to employment data, and in anticipation of tomorrow’s payroll report. Recent indicators predict little to no growth in employment. Good economic news came on the day, though, as retail sales rose for August, although slightly less than expected. In the face of Hurricane Irene, that can count as a win. US automakers also had a good August, as General Motors (GM), Ford (F), and Chrysler all saw increased sales.

Word on the Street

• Mixed economic data sends stocks down.
• August retail sales rose more than 4%, but slightly lower than analysts had predicted.
• US automakers General Motors (GM), Ford (F) and Chrysler report increased sales in August.
• High profile bankruptcy of Solyndra, LLC puts solar industry in peril.
• Google (GOOG) ramps up its daily deal offering by placing discount tickets on its homepage.
• Exxon Mobil (XOM) expands its presence in Russia, a long term play for the company and country.

Interesting Tidbits

• Skating towards the puck can be applied to not only market trends, but to people as well.
• 10 new words every business owner should have in their vocabulary.

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