Friends
The bulls tried to rally the forces today, but in the end even the Dow could not hold on to feeble gains. Nasdaq shares fell even though interest rates on the long end of the yield curve did not rise. We seem to be falling into a pattern where early attempts to rally tend to fail as the trading session wears on. That is not a pattern that I would want to see last very long.
As for today, by the close the Dow Jones Industrial Average was down 3 points to finish the day at 32,420. The S&P 500 was down 21 points to close at 3,889. The Nasdaq Composite Index was down 265 points to close at 12,961. Gold was up $8 to trade at $1,733 per ounce, while oil was up $2.98 to trade at $60.74 per barrel WTI.
We have definitely seemed to hit the pause button with regards to the remarkable move in stocks we have seen over the last 12 months (since last year’s March 23rd bottom). Is this just a pause that refreshes or is something a little more concerning developing? At least the quick advance in interest rates has cooled for a couple of days. Let’s see if that continues.
Have a nice evening everyone.
