Friends
Stocks tried to rally today, but sellers continued to appear as the afternoon dragged on. Finally, all of the market averages fell into negative territory, with the Dow leading the way. The ISM non-manufacturing (service sector) number came in a little light, which was the first economic disappointment we’ve seen in a while. All this leads us into jobs data with the ADP number tomorrow and the government jobs report on Friday.
By the close, the Dow Jones Industrial Average was down 110 points to finish the day at 24,179. The S&P 500 was down 9 points to close at 2,629. Gold was down $8 to trade at $1,269 per ounce, while oil was up $.17 to trade at $57.62 per barrel WTI.
The tech and momentum names tried to buoy the Nasdaq throughout the day, but banks, industrials and retailers (recent winners) experienced selling pressure/profit taking. Rotation is indeed real, but so often the rotation only lasts for a day or two. It will be interesting to see if the rotation continues into year-end or will the full year winners gain more support. Of course, maybe the bears finally gain some traction and stocks head south into year-end. Seems like a lot of question marks, doesn’t it?
Have a nice evening everyone.
