Friends
Another volatile day for stocks as the market averages advanced and retreated numerous times throughout the trading session. Worries over rising interest rates and political headlines sent stocks into negative territory several times during the trading session, but each time enough buyers appeared to move stocks back into positive territory. As we have seen lately, by the close no real damage was done, but volatility sure has resurfaced.
For the day, the Dow Jones Industrial Average was down 56 points to finish the day at 26,430. The S&P 500 was down 4 points to close at 2,880. Gold was up $4 to trade at $1,192 per ounce, while oil was up $.60 to trade at $74.89 per barrel WTI.
Interest rates have definitely grabbed investors’ attention lately, but the 10-year actually rallied a bit today with the yield falling to 3.20%. There is no doubt 3.25% certainly got everyone’s attention. Any additional weakness in bonds (rise in rates) will likely weigh on stocks in the short run. Perhaps earnings will draw some attention away from the bond market over the next few weeks. We’ll keep you informed.
Have a nice evening everyone.
