Friends
It was a difficult day for stocks and it wasn’t even the bond market’s fault. There seemed to be some concern among market participants that perhaps the coming economic boom is already priced in (as we have been somewhat concerned about for a while now). Even worse, there seemed to be a slight concern that maybe the “boom” won’t be as great as expected. Also, the almost certain fact that taxes will be going up and will likely be tied to an infrastructure spending bill, is beginning to get into investors heads.
Whatever the reason, by the close the Dow Jones Industrial Average was down 308 points to finish the day at 32,423. The S&P 500 was down 30 points to close at 3,910. The Nasdaq Composite Index was down 149 points to close at 13,227. Gold was down $12 to trade at $1,726 per ounce, while oil was down $4.08 to trade at $57.48 per barrel WTI.
As mentioned, there may be some concerns creeping into the minds of market participants about the reopening. Virus variants and more shut downs in Europe are tempering the enthusiasm just a bit. Well, at least for today. Let’s see what unfolds tomorrow.
Have a nice evening everyone.
