Friends
Well, as expected, the knuckleheads in Washington D.C. are taking us right up to the brink. Yes, we’ve seen this movie before, but like any good horror film it’s still darn scary. Stocks performed just as one would expect while one politician after another got on television to argue with each other, live and in color. You know how this goes, there’s a deal about to happen then the other side throws cold water on it. Name calling ensues and then they go back and try again. Wouldn’t it be nice if they didn’t put us through all of this? We don’t want to see the sausage being made.
Anyway, by the close the Dow Jones Industrial Average was down 133 points to finish the day at 15,168. The S&P 500 was down 12 points to close at 1698. Gold was up $4 to trade at $1281 per ounce, while oil was down $1.42 to trade at $100.99 per barrel WTI.
It’s difficult to focus on earnings and stock price movements when we have to spend most of the day watching this political theatre unfold before our eyes. We’ll get past this, but unfortunately it is likely to be a part of our lives for the foreseeable future. We’ll keep you up to date on all of the twists and turns, and long for days when we can once again talk about earnings and economic growth.
Have a nice evening everyone.
