Friends
Right on cue, stocks fell at the open giving back all of yesterday’s gains, but adding to recent volatility we got an intraday move today as stocks reversed course and actually moved into positive territory by the close. Perhaps, today traders began to feel that this debt ceiling debacle was going to end like every other one has over the years. In other words they take it right up to the 12:00 hour and then make a deal.
By the close, the Dow Jones Industrial Average was up 102 points to finish the day at 34,416. The S&P 500 was up 17 points to close at 4,363. The Nasdaq Composite Index was up 68 points to close at 14,501. Gold was up $3 to trade at $1,764 per ounce, while oil was down $1.92 to trade at $77.01 per barrel WTI.
Underneath all of this volatility many stocks have corrected much more than the market averages, so the concept of a rolling correction could still be intact. By the way, today’s ADP private payroll number was a little better than expected so that tees up Friday’s big non-farm payroll number. The volatility is likely to continue. Stay firmly buckled up.
Have a nice evening everyone.
