Friends
It was another back and forth trading session today as traders seemed uncertain exactly what stance they wanted to take as the week came to a close. We’ve noted that this is typically a difficult time of year for stocks, and you add in the economic backdrop and an upcoming election, and it’s not surprising that market participants are a little bit on edge.
By the close, the Dow Jones Industrial Average was down 244 points to finish the day at 27,657. The S&P 500 was down 37 points to close at 3,319. The Nasdaq Composite Index was down 117 points to close at 10,793. Gold was up $7 to trade at $1,957 per ounce, while oil was down $.02 to trade at $40.95 per barrel WTI.
Over the past few weeks the Nasdaq which is full of the big growth names has been under the most pressure. Many of the biggest stars are down as much as 10% to 20% from their frothy highs just a few weeks ago. We are not surprised that these star companies have paused for the time being, as they were so grossly overbought, but it will be interesting to see if they regroup and remain the leaders going forward, if indeed we do go higher from here. Stay tuned.
Have a great weekend everyone.
