Friends
After Friday’s lousy new homes sales number, today’s durable goods number was even worse. The market reaction (if you can call it a reaction) was one of indifference as stocks drifted into higher territory for most of the session. Once Secretary of State Kerry had his Syria news conference, the markets seemed to get a little jittery, as market participants were perhaps interpreting Secretary Kerry’s strong stance as a sign the U. S. might be getting involved soon. Stocks drifted downward in that last hour of trading on extremely light volume.
For the day, the Dow Jones Industrial Average was down 63 points to finish the day at 14,946. The S&P 500 was down 6 points to close at 1656. Gold was up $6 to trade at $1401 per ounce, while oil was down $.16 to trade at $106.26 per barrel WTI.
With very few traders participating this week, these types of news stories can easily affect stock prices, and quick reversals can be possible for the next few sessions. The interesting take away over the past few days is the weak economic news that we have received and just how that will weigh on the Fed’s tapering decision. Let’s see if the low volume trading creates some opportunities this week.
Have a nice evening everyone.
