Friends
Stocks were humming along midday with a couple hundred point Dow gain when news hit the tape about the Mueller indictments. The Dow gain was totally erased, sending stocks tumbling into negative territory. But when it was clarified that it was 13 Russians who were being indicted, stocks recovered some of the lost gains. In the last couple of hours of trading, stocks floated mainly in positive territory.
By the close, the Dow Jones Industrial Average was up 18 points to finish the day at 25,219. The S&P 500 was up 1 point to close at 2,732. Gold was down $4 to trade at $1,351 per ounce, while oil was up $.29 to trade at $61.63 per barrel WTI.
After last week’s mess, this week’s recovery was quite impressive. I have no idea what we have in store next week. Despite hot inflation data, bonds actually rallied at bit late in the week so it will be interesting to see how that narrative unfolds as we move into the Spring. It’s been a very active 2 weeks, and I can’t wait to see what next week has in store. But I am going to have to wait until Tuesday, as we are closed Monday for President’s Day.
Have a great 3 day holiday weekend everyone.
