Friends
What a day in the stock market. Stocks tumbled early after it was announced that the new tariffs would be going into effect and that, though talks were still proceeding, any deal with China was far from concluded. The Dow tumbled about 350 points throughout the morning, while on the floor of NYSE traders were waiting for the opening trade on the big Uber IPO (initial public offering). Priced at $45 per share, just weeks after the Lyft IPO, demand was less than impressive and the IPO was somewhat of a disaster with the shares trading well below the offering price (ouch). But, as the session wore on, comments from the Treasury Secretary that the talks with China will continue at some point seemed to give the bulls enough reason to nibble at stocks.
By the close, the Dow had erased all its losses and posted a gain of 114 to finish the day at 25,942. The S&P 500 was up 10 points to close at 2,881. Gold was up $2 to trade at $1,287 per ounce, while oil was down $.16 to trade at $61.56 per barrel WTI.
It was a difficult week for stocks, but given all the China trade headlines and a disastrous IPO I’m a little surprised that it wasn’t worse. The bears might have the upper hand at the moment, but we’ll see if they are able to force the action next week. We’ll catch our breath and get back at it on Monday.
Have a great weekend everyone.
