Friends
It was another mixed day for stocks with the Nasdaq being today’s winner while the Dow, weighed down by a drop in financials, was on the short end of the stick. The yield on the 10 year Treasury Note was stable, which helped the beleaguered tech names, but investors are still laser focused on the direction of the bond market.
As for today, by the close the Dow Jones Industrial Average was down 234 points to finish the day at 32,627. The S&P 500 was down 2 points to close at 3,913. The Nasdaq Composite Index was up 99 points to close at 13,215. Gold was up $9 to trade at $1,742 per ounce, while oil was up $1.52 to trade at $61.52 per barrel WTI.
It was another week for the markets where we saw the shares of growth names fall when rates spiked and then bounce when rates settled. This has been the pattern for the last several weeks. So, it appears that the bond market is dictating the action at the moment. Let’s see what next week has in store.
Have a great weekend everyone.
