Reuters: Gary Flam Quoted in “US Stocks-S&P, Nasdaq Rise on Bullish Data, Dow Flat”

"US Stocks-S&P, Nasdaq Rise on Bullish Data, Dow Flat," by Ryan Vlastelica, Reuters.

“Housing has been a big source of disappointment lately, and since the pending home sales number wasn’t bad, it has enabled yesterday’s rally to follow through,” said Gary Flam, portfolio manager of Bel Air Investment Advisors in Los Angeles.

The housing and labor markets have long been considered two of the biggest headwinds facing the recovery, and the data comes a day ahead of a monthly employment report expected to confirm that jobs were lost in August.

“Claims are probably the best predictor we have for tomorrow’s number, and they suggest we could at least see an in-line number, which would be viewed as a positive since data has been continually disappointing lately,” Flam said.

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