Friends
Oh my, it was quite a day of news. First we discovered overnight that President Trump and the First Lady both tested positive for Covid-19. They both appear to have mild symptoms, but of course this story will develop over time. Before the opening bell we got a disappointing jobs number, indicating as I have worried, that the jobs situation in this country is still a major concern. Then throughout the day we got headline after headline about a stimulus bill. They are talking, they are close, they are not close, there might be a carved out airline bill-on and on.
Stocks sold off over 400 Dow points at the open, but the hope of a stimulus bill kept hope alive. By the close, the Dow Jones Industrial Average was down 134 points to finish the day at 27,682. The S&P 500 was down 32 points to close at 3,348. The Nasdaq Composite Index was down 251 points to close at 11,075. Gold was down $7 to trade at $1,908 per ounce, while oil was down $1.68 to trade at $37.04 per barrel WTI.
Well, if you didn’t think that 2020 could get any crazier, you just remember that we still have 3 months to go. Let’s hope that the President and the First Lady get better quickly (and all those struggling with Covid-19). In the meantime, expect that headlines will be coming at us in a fast and furious fashion. Buckle up and get some rest. It’s going to be a wild ride.
Have a great weekend everyone.
Jim
