riends
Stocks continue to be under pressure as even the generals who were able to sustain the market averages late last year have finally succumbed to the selling. The beleaguered Nasdaq fell into “correction” territory which is defined by a drop of 10% from the previous high. It appears that the S&P 500 and the Dow are not far behind.
By the close, the Dow Jones Industrial Average was down 339 points to finish the day at 35,028. The S&P 500 was down 44 points to close at 4,532. The Nasdaq Composite Index was down 166 points to close at 14,340. Gold was up $30 to trade at $1,843 per ounce, while oil was up $1.05 to trade at $86.48 per barrel WTI.
On the earnings front, Procter & Gamble and Morgan Stanley had good reports this morning, but the sentiment at the moment, which is negative, is overriding the headlines. Over the next few weeks we’ll continue to get corporate America’s report card. But the market appears it wants to do what it wants to do right now. Sell and ask questions later. Let’s see if corporate America can turn the mood of market participants over the next few weeks. Stay tuned.
Have a nice evening everyone.
