Friends
Stocks enjoyed somewhat of a roller coaster ride today as positive markets in Europe and Asia yesterday, combined with a nice ISM Manufacturing Index number, set the tone for a nice rally at the beginning of the trading session. By late morning, Speaker Boehner indicated he was in the President’s corner with regards to action in Syria, and stocks reversed course and gave up all of their gains (more than 100 Dow points). As the afternoon wore on the buyers tentatively reemerged and sent the averages back into positive territory.
By the close, the Dow Jones Industrial Average was up 23 points to finish the day at 14,833. The S&P 500 was up 6 points to close at 1639. Gold was up $16 to trade at $1412 per ounce, while oil was up $.86 to trade at $108.51 per barrel WTI.
In addition to the minute by minute monitoring of the situation in Syria, we have a full week of economic news to deal with. On Thursday we get the ADP employment report and the weekly jobless claims number, and on Friday we get the monthly jobs report. It’s a short week, but a busy one. If today is any indication, expect some volatility ahead. We’ll keep you up to date.
Have a nice evening everyone.
