Friends
Trading was quiet on this final session of the month. Now that the Fed is believed to be on hold for a while, traders are searching for the next market catalyst. On the economic front, weekly jobless claims came in a little light, but on the other hand the Chicago PMI was quite a positive surprise. When it was all said and done, the market averages ended slightly negative, but not enough to spoil a nice October for stocks.
By the close, the Dow Jones Industrial Average was down 73 points to finish the day at 15,545. The S&P 500 was down 6 points to close at 1756. Gold was down $26 to trade at $1323 per ounce, while oil was down $.50 to trade at $96.27 per barrel WTI.
As mentioned, October, which is sometimes a scary month, ended up being a good one for stocks, as share prices continue to climb the proverbial “wall of worry”. With two months to go in the year, it will be interesting to see where traders focus their attention. Earnings season is just about over (overall companies continued to perform well), and politics are on hold for a little while longer. Let’s see how the new month begins tomorrow.
Have a great Halloween evening everyone.
