Friends
As we get closer to Friday’s inauguration, traders seem to be getting a bit more jittery. The expectations/hopes of a vigorous new spending and tax reduction agenda is becoming a bit more cloudy as the realization that Congress has to make all this happen is quickly becoming a drag on the investor psyche. It’s pretty natural that the initial euphoria would wear off and that some doubt would begin to surface, so recent market action is not real surprising considering the unbelievably disturbed political climate market participants have to deal with.
Stocks slumped early and the losses accelerated later in the trading session. By the close, the Dow Jones Industrial Average was down 58 points to finish the day at 19,826. The S&P 500 was down 6 points to close at 2,267. Gold was up $18 to trade at $1,214 per ounce, while oil was up $.13 to trade at $52.50 per barrel WTI. Nat Gas down $.029 to finish trading at $3.39.
With Morgan Stanley’s good numbers this morning, the financials continue to impress with their earnings reports. The stocks have run out of gas for the moment, but they had a huge run into this earnings season. We’ll really get a dose of earnings reports over the next two weeks, so stay tuned. We’ll soon have a good idea what is on the minds of corporate American leaders.
Have a nice evening everyone.
