Friends
Finally, good news was good news. Well, at least it was for most of today’s trading session. This morning’s surprising upward revision to 2nd quarter GDP and the continuously improving weekly jobless claims number certainly was the best domestic economic news traders have received over the past couple of weeks. The question was, will stocks trade up on the news, or sell off in fear of the likelihood of Fed tapering sooner than later. You know, is good news good news or is good news bad news? Traders went with good news is good news and bid stocks up 90 Dow points by midday. But as the session wore on, the gains dissipated and volume, which was already light, slowed to a crawl.
By the close, the Dow Jones Industrial Average was up 16 points to finish the day at 14,840. The S&P 500 was up 3 points to close at 1638. Gold was down $12 to trade at $1406 per ounce, while oil was down $2.15 to trade at $107.95 per barrel WTI.
Tomorrow is month end (thank God) and after the 3 day Labor Day weekend, we’ll be back at full strength on Wall Street. We still have to wait and see how the Syria situation plays out, but since Tuesday traders seem to have downplayed its importance. Let’s see how the month ends tomorrow.
Have a nice evening everyone.
