Friends
Going into a three day weekend, and given the increasing geopolitical tensions, stocks were bound to be under some pressure this afternoon, and they were. Buyers simply stepped away from the buffet table and sellers were left searching for bids. This morning’s PPI number was softer than expected, which normally might be a good thing, but remember the Fed would like to see a bit more inflation. On the other hand, JPMorgan Chase and Citi both had good earnings reports, but they were met with indifference, as was a strong consumer sentiment report.
As for stocks, by the close the Dow Jones Industrial Average was down 138 points to finish the day at 20,453. The S&P 500 was down 15 points to close at 2,328. Gold was up $11 to trade at $1,289 per ounce, while oil was down $.10 to trade at $53.01 per barrel WTI.
We’ll kick into earnings season full bore next week. If geopolitics calms down, then hopefully market participants can focus on corporate earnings. We’ll see.
Enjoy the 3 day weekend everyone, and Happy Easter.
