Friends
It was another volatile see-saw day with stocks opening higher, then going back and forth between positive and negative territory for the rest of the trading session. The big tech names continue to come under some selling pressure, but it does seem to be at a less frenetic pace.
By the close, the Dow Jones Industrial Average was up 131 points to finish the day at 27,665. The S&P 500 was up 1 point to close at 3,340. The Nasdaq Composite Index was down 66 points to close at 10,853. Gold was down $14 to trade at $1,949 per ounce, while oil was up $.20 to trade at $37.50 per barrel WTI.
We’ll watch to see if the volatility begins to lessen in the coming days or weeks or does it continue. In the past decade, when the volatility wanes after a big drawdown, stocks have reloaded and headed higher shortly thereafter. It’s way too early to make that call but we will keep an eye on that volatility.
In the meantime, have a great weekend everyone.
