Friends
The Dow Jones Industrial Average endured an auspicious start to the trading session this morning as one of its major components (Boeing) came under heavy selling pressure. As you likely know by now, Boeing’s 737 Max -8 has now had two deadly crashes lately, and after this most recent Ethiopian Air crash, some countries are grounding planes. This led to the shares of Boeing tumbling at the open of trading today, and being a Dow component it dragged the average down with it. But as the day wore on, Boeing trimmed its losses, and the Dow led by gains in Apple turned a 250 point loss into a 200 point gain by the close.
For the day, the aforementioned Dow was up 200 points to finish the day at 25,650. The S&P 500 was up 40 points to close at 2,783. Gold was down $6 to trade at $1,292 per ounce, while oil was up $.70 to trade at $56.77 per barrel WTI.
Other than the Boeing news, I can’t really give you any real insight into today’s market moves. The bulls appeared in charge, despite the Boeing news, and for some reason buying was strong across the board. Apple did receive an upgrade from an analyst, but other than that it simply looked like bargain hunters were buying into last week’s dip. Never look a gift horse in the mouth. Let’s see how the week plays out.
Have a nice evening everyone.
Jim
