Friends
How the former FBI Director James Comey’s testimony went today probably depends on what side of the political aisle that you find yourself. I’ll leave it to the political pundits to decipher, but the markets really didn’t have a whole lot of reaction, one way or the other. Stocks were mainly positive, but at various points during the trading session we found ourselves in negative territory. Simply put, market participants are going to have to deal with political theater for the foreseeable future. Hopefully, we can focus on economics and earnings again someday. In the meantime, none of this political nonsense has disrupted the markets. Well, at least not yet anyway.
By the close, the Dow Jones Industrial Average was up 8 points to finish the day at 21,182. The S&P 500 was up a fraction to close at 2,433. Gold was down $12 to trade at $1,280 per ounce, while oil was down $.03 to trade at $45.69 per barrel WTI.
So far, it has been a quiet week of trading despite the predictions of all the volatility that was going to occur as a result of these hearings. We’ll see how the week finishes out tomorrow. Remember, the FOMC meeting starts next Tuesday, so the Fed should be front and center next week.
Have a nice evening everyone.
