Friends
Good economic data out of China overnight, along with a pretty good weekly jobless claims number, seemed to attract some buyers as stocks moved to a quick 70 point gain in the Dow in early trading. Unfortunately, the buyers exhausted themselves early and by late morning they had disappeared sending the market averages into negative territory. The bulls gathered the troops by early afternoon and were able to push the averages back into positive territory by the close, breaking the 3 day losing streak.
For the day, the Dow Jones Industrial Average was up 27 points to finish the day at 15,498. The S&P 500 was up 6 points to close at 1697. Gold was up $25 to trade at $1310 per ounce, while oil was down $.74 to trade at $103.63 per barrel WTI. The bulls tried to push the S&P back above 1700, but were unable to get the job done today.
Let’s see what tomorrow brings. So far, this week has had a downward bias, but the bulls could erase that trend in one session. Boy, these dog days of summer are really quiet. Maybe I’ll do a couple movie reviews tomorrow (although I never go to the movies) or talk about who might win the PGA tournament this weekend. I’m just glad tomorrow’s Friday!
Have a nice evening everyone.
