Friends
Well, that was an odd day for stocks. With bond yields plunging early, recession talk was on the lips of market participants, and stocks tumbled into negative territory with the Dow down more than 200 points. The bulls clawed their way back to positive territory late in the session, but ran out of gas at the close.
For the day, the Dow Jones Industrial Average was down 32 points to close at 25,625. The S&P 500 was down 13 points to close at 2,805. Gold was down $6 to trade at $1,308 per ounce, while oil was down $.51 to trade at $59.43 per barrel WTI.
After seeing it’s yield fall to 2.35% the 10 year Treasury note finished the day at 2.38%. Once again, longer term yields have now fallen below short term yields, and investors are becoming convinced/convincing themselves that a slowdown is leading to recession. But, as I said, it was an odd day for stocks.
Have a nice evening everyone.
