Friends
Stocks tumbled at the open, but as the trading session wore on buyers continued to nibble and by the close the damage was minimal. Big Tech names struggled the most while the transports, financials, energy and consumer staples fared the best. The stimulus deal remains unlikely before the election, so it will be interesting to see if the market can reconcile with that.
As for stocks, by the close the Dow Jones Industrial Average was down 19 points to finish the day at 28,494. The S&P 500 was down 5 points to close at 3,483. The Nasdaq Composite Index was down 54 point to close at 11,713. Gold was up $3 to trade at $1,911 per ounce, while oil was down $.03 to trade at $41.01 per barrel WTI.
With the election less than 3 weeks away it will be fascinating to see how investors decide to position themselves in the short run. We’ve seen stocks remain fairly strong up to this point, but will some doubt and concern start to creep into the investors psyche over the next couple of weeks? Stay tuned. In the meantime let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
