Friends
Well, the war of words and threats continue, and that’s not even Texan’s fans discussing the fate of Matt Schaub. Yes, the political theatre is likely to be upon us for the next couple of weeks, and stocks will be subject to headline risk. After the acrimony of the weekend talk shows, stocks began trading with a negative tone, and stayed in negative territory for the entire trading session.
By the close, the Dow Jones Industrial Average was down 136 points to finish the day at 14,936. The S&P 500 was down 14 points to close at 1676. Gold was up $13 to trade at $1323 per ounce, while oil was down $.73 to trade at $103.11 per barrel WTI. The bulls were able keep the S&P above the 1670 support area, but that might pose a challenge as the week proceeds.
We begin to get corporate earnings reports tomorrow, and remember expectations have been somewhat tempered, but we’ll see if share prices are accurately represented. While the shutdown continues we won’t get a lot of domestic economic data, so the focus will be on earnings, and unfortunately, politics. We’ll keep you apprised of all the week’s action.
Have a nice evening everyone.
