Friends
A much hotter than expected PPI inflation number helped set the tone for a downward tilt to stocks today. Add to that White House advisor Peter Navarro throwing cold water on hope of a trade deal with China and we had stocks as represented by the Dow down more than 300 points by midday. But, as the afternoon wore on, some buyers showed up and helped trim the losses.
For the day, the Dow Jones Industrial Average was down 201 points to close at 25,989. The S&P 500 was down 25 points to finish the day at 2,781. Gold was down $15 to trade at $1,209 per ounce, while oil was down $.69 to trade at $59.98 per barrel WTI (that’s 10 days in a row that oil prices have dropped).
Though stocks have bounced back a bit so far in November, as is often the case, it won’t be a surprise if we retest the October lows before we can declare that we are ready to move forward. Let’s see what the CPI number looks like next Wednesday. Of course, the political headlines continue to come at a furious pace, so we always have to be wary of their potential affects. In the meantime, let’s see how things unfold as we move into the holiday season.
Have a great weekend everyone, and of course we honor our veterans on Sunday and thank them for their service to our country.
