Friends
Well, that was ugly. Stocks did not get off to a very good start for the month of April and the 2nd quarter. After being down more than 700 Dow points, stocks did recover some, but still more than gave back all of last Thursday’s gains and then some. Individual stocks as well as indexes broke through support levels, namely the 200 day moving average and the market averages were dipping back into correction territory.
For the day, the Dow Jones Industrial Average was down 458 points to close at 23,644. The S&P 500 was down 58 points to finish the day at 2,581. Gold was up $17 to trade at $1,344 per ounce, while oil was down $1.81 to trade at $63.13 per barrel WTI.
January was full of talk about tax cuts and earnings then inflation fears were the catalysts for the February selloff. Now we are dealing with trade wars and tariffs and again the markets don’t seem too happy about it. Seasonally, April is often a good month for stocks. It’s only one day, but obviously today was not a good start. Let’s see how this week plays out. Buckle up.
Have a nice evening everyone.
