Friends
Stocks came out of the starting blocks with some gusto this morning, buoyed by continued belief that a trade deal with China will eventually come to fruition. But, as the day wore on the bulls seemed to run out of gas and stocks gave up most of their earlier gains.
By the close, the Dow Jones Industrial Average was up 60 points to finish the day at 26,091. The S&P 500 was up 3 points to close at 2,796. Gold was down $2 to trade at $1,330 per ounce, while oil was down $1.88 to trade at $55.38 per barrel WTI. Earlier in the day the President sent a tweet indicating his displeasure with recent rising oil prices, and as happened last year, his concerns didn’t fall on deaf ears.
We put this one in the win column for the bulls, but after the robust start to the day, it ended with a whimper. Also, the bulls are becoming quite addicted to Trump China trade talk tweets. What happens if we actually get a deal? With all the tweeting, is the good news already priced into the market?
Have a nice evening everyone.
