Friends
It was another very difficult day for the Nasdaq and what were up until recently the growth stocks that had led the market higher. Day after day we see these once high flyers go lower and lower, while last year’s laggards such as energy, financials and industrials continue to at least hold serve. The Dow was sporting a nice gain at midday (more than 300 points), but alas, even some of the stronger sectors lost steam at the close.
For the day, the Dow Jones Industrial Average was down 34 points to close at 34,742. The S&P 500 was down 44 points to finish the day at 4,188. The aforementioned Nasdaq Composite Index was down 350 points to close at 13,401. Gold was up $7 to trade at $1,838 per ounce, while oil was down $.08 to trade at $64.82 per barrel WTI.
Rotation is good for a bull market, but the damage that is being done to the Nasdaq is beginning to become worrisome. Yes, it is still slightly higher for the year, but now down nearly 6% from recent highs. Let’s see how this week unfolds. Stay tuned.
Have a nice evening everyone.
