Friends
It was another soft day of trading for stocks as traders seem more and more convinced that a stimulus deal is unlikely to get done before the election (Treasury Secretary Mnuchin indicated the same). We continue to get earnings from the big banks and despite numbers that appear to be better than expected, the bank stocks simply can’t get out of their own way. But, in general after a week and a half of higher prices, market participants are taking a bit of a breather.
For the day, the Dow Jones Industrial Average was down 165 points to close at 28,514. The S&P 500 was down 23 points to finish the day at 3,488. The Nasdaq Composite Index was down 95 points to close at 11,768. Gold was up $12 to trade at $1,907 per ounce, while oil was up $.87 to trade at $41.07 per barrel WTI.
Are investors becoming more cautious as the election looms? Let’s see what the rest of the week has in store.
Have a nice evening everyone.
