Friends
Stocks experienced another bearish reversal today, but given the geopolitical headlines, it is surprising that it wasn’t worse. With the Chinese leader in town and the sabre rattling with regards to Syria, market participants decided to push away from the dinner table as the trading session wore on. A near 100 Dow point gain was mostly erased by the close once again, which is a pattern that the bulls would rather not see develop.
By the close, the Dow Jones Industrial Average was up 14 points to finish the day at 20,662. The S&P 500 was up 4 points to close at 2,357. Gold was up $5 to trade at 1,254 per ounce, while oil was up $.53 to trade at $51.68 per barrel WTI.
Remember, we get the all-important jobs report tomorrow and the analysts’ consensus estimate is that 175,000 new jobs were created in March. We then embark on earnings season next week, but before that it would be surprising if the geopolitical tensions don’t dominate trader’s psyche at the moment. Let’s first see how the jobs number looks tomorrow morning, and of course, we’ll keep an eye on the political headlines.
Have a nice evening everyone.
