Friends
It was another odd day for markets as political headlines continue to frustrate traders whichever way they are leaning, and yet another tragedy-this time a just opened pedestrian bridge collapse in Florida. Stocks tried to rally more than once as the Dow outperformed both the S&P and the Nasdaq. But in the end, only the Dow could hold onto to any gains.
By the close, the Dow Jones Industrial Average was up 115 points to finish the day at 24,873. The S&P 500 was down 2 points to close at 2,747. Gold was down $8 to trade at $1,316 per ounce, while oil was up $.25 to trade at $61.21 per barrel WTI.
On the economic front the Philly Fed report showed strength in manufacturing, while New York’s Empire State report showed robust economic/manufacturing conditions. The Import and Export Prices number was more inflationary than expected. Despite those numbers bonds held firm with the 10 year Treasury note now yielding about 2.83%. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
