The stock market continued on its downward trend, the S&P 500 closed down 2.56% making a end of day record low for 2011. While everyone was excited about the debt deal (everything opened up!) bad economic news started rolling in and spoiling the party rather quickly.
The economic news is all backwards looking "last month this..." "previous quarter that..." and for the last month and quarter, uncertainty has abounded. This uncertainty was reflected in a slowdown of business activity which is now being reported. We will certainly have to slog through more of this before the data begins to reflect the end to business gridlock as American companies regain confidence in their investments. In the meantime, the pessimistic markets may be making buying opportunities for bargain hunters.