Friends
The central bank infused rally ran out of steam today, as the bulls seemed to step aside and let the bears have a little room to run. There really didn’t seem to be a catalyst to today’s pullback other than perhaps the reality that we get to see on full display our choices for President of the United States on Monday evening during the debate.
As for stocks, the market averages opened slightly negative and drifted lower throughout the trading session. For the day, the Dow Jones Industrial Average was down 130 points to close at 18,262. The S&P 500 was down 12 points to finish the day at 2164. Gold was down $3 to trade at $1,342 per ounce, while oil was down $1.46 to trade at $44.86 per barrel WTI.
We have certainly seen volatility pick up as summer ends and fall begins. The bulls have so far successfully kept the bears from causing any real damage, but how much energy are they wasting just trying to maintain the status quo? As mentioned, politics is dominating the headlines, so we’ll see how the markets start to handicap this race. Stay tuned.
Have a great weekend everyone.
