Friends
Well today was hardly worth a clean shirt and a cab fare. That’s an old saying on Wall Street, and it basically means that not much happened. The momentum stocks tried to bounce back a little and Apple actually had a good day, but other than that, there just wasn’t much to talk about.
For the day, the Dow Jones Industrial Average was down 11 points to close at 22,284. The S&P 500 was up a fraction of a point to finish the day at 2,496. Gold was down $13 to trade at $1,297 per ounce, while oil was down $.32 to trade at $51.90 per barrel WTI.
On the economic front, the new home sales numbers were ok, but a little on the lower end of the estimated range, given weakness in the South. The consumer confidence number also was a bit weaker than expected affected by weakness in both Florida and Texas. The Redbook same store sales number was good as was the Richmond Fed manufacturing number. In addition to the economic data, Janet Yellen gave a speech today, but with no real change from last week’s FOMC press conference. All in all, just not much for markets to move on.
Have a nice evening everyone.
Stay Strong Houston.
