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Traders show little reaction to bin Laden news

May 2, 2011 10:13:00 PM - thestate.com
The bin Laden rally lasted all of three hours.

Stocks began climbing Monday morning after news of the death of the world’s most wanted terrorist. Strong earnings reports from Humana Inc. and other companies also pushed them higher.

But by lunchtime, the gains were gone. The major indexes wavered throughout the remainder of the day and closed slightly lower.

“As great as the news is, it doesn’t have much to do with earnings or the economy,” said Jack Ablin, chief investment officer at Harris Private Bank.

The Dow Jones industrial average fell 3.18 points to close at 12,807.36. The average of 30 stocks had been up as many as 65 points in morning trading.

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