[August 18, 2011] SmarTrend Midday Market Recap -- August 18, 2011 (DJI,INX,IXIC) Tweet Aug 18, 2011 (SmarTrend(R) Market Commentary via COMTEX) -- Last updated August 18, 2011: 1:00 PM ET --- The major U.S. equity indices are trading lower Thursday on global economic worries. The Labor Department reported that unemployment claims rose 9,000 to a seasonally adjusted 408,000 in the week ended August 13. In a separate report, the Labor Department said that the consumer price index, which tracks the rate of inflation at the retail level, rose 0.5% in July, the biggest gain since March. The Federal Reserve Bank of Philadelphia said that its business outlook survey fell to negative 30.7 in August from 3.2 in July, the lowest reading since March 2009. Officials at the New York Federal Reserve are "very concerned" about European banks facing funding difficulties in the U.S., according to a Wall Street Journal report, which cited a senior executive at a major European bank. The New York Fed has been holding extensive meetings with lenders to gauge the vulnerability to escalating financial pressures. The Dow Jones Industrial Average (DJI) is trading 3.59% lower at 11,000.61, the S&P500 (INX) is trading 4.07% lower at 1,145.28, and the Nasdaq Composite (IXIC) is trading 4.38% lower at 2,401.43. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup [ Back To TMCnet.com's Homepage ]