Friends
As we suspected, here is the volatility. Stocks opened to the upside with the Dow posting a more than 200 point gain in early trading. But, sellers appeared (or buyers disappeared) and stocks fell decisively into negative territory as the trading session wore on. Again, volatility usually follows the dramatic type of moves we saw late last week and early this week.
For the day, the Dow Jones Industrial Average was down 405 points to close at 27,534. The S&P 500 was down 59 points to finish the day at 3,339. The Nasdaq Composite Index was down 221 points to close at 10,919. Gold was down $3 to trade at $1,951 per ounce, while oil was down $.90 to trade at $37.13 per barrel WTI.
It’s been a choppy week, but it appears we are headed to our second down week in a row for the market averages. We have a little less than four months to go, maybe we can squeeze in another bear market and another bull market by year end. Two of each would be just about right for 2020. Let’s first see how the week finishes out tomorrow.
Have nice evening everyone.
