Friends
Covid-19 concerns, inflation concerns, who will be appointed the next Fed Chair concerns, all contributed to the sloppiness in stocks today. The tech heavy Nasdaq was able to post gains helped by behemoths Apple and Microsoft, but the Dow was weighed down by the likes of Boeing, Goldman Sachs, Honeywell, Visa, Travelers, Chevron and JP Morgan Chase and a few others. Home Depot and Nike joined Apple and Microsoft as the Dow’s winners. A mixed bag for sure.
As for the market averages, by the close the Dow Jones Industrial Average was down 268 points to finish the day at 35,601. The S&P 500 was down 6 points to close at 4,697. The Nasdaq Composite Index was up 63 points to close at 16,057. Gold was down $13 to trade at $1,848 per ounce, while oil was down $2.90 to trade at $76.11 per barrel WTI.
So we have a lot of concerns yet stocks are still close to all-time highs (the Nasdaq actually hit a new all-time high today). Next week is a shortened trading week with Thanksgiving on Thursday and a half day of trading on Friday, but we are likely to hear from the President on who his choice is for Fed Chair. That could be a market mover if he moves on from Jay Powell. We’ll keep you up to date next week.
Have a great weekend everyone.
