Friends
It was another wild day of trading with amazing minute to minute volatility. After stocks plummeted in early trading once again (the Dow down more than 800 points at one time), the market averages fought their way back higher with the Dow actually climbing into positive territory before the last hour of trading. But the bulls made their move a little too early today and by the close buying had dried up and the market averages again moved lower.
By the close, the Dow Jones Industrial Average was down 66 points to finish the day at 34,297. The S&P 500 was down 53 points to close at 4,356. Once again, the Nasdaq was the worst performer down 315 points to close at 13,539. Gold was up $6 to trade at $1,848 per ounce, while oil was up $2.03 to trade at $85.34 per barrel WTI.
After the close we will get an earnings release from Microsoft. That may set the tone for early trading tomorrow, but at 1:00 we will get the Fed statement at the conclusion of the FOMC meeting. That and the Fed Chair’s subsequent press conference will likely provide the catalysts for whatever happens to markets tomorrow afternoon and the rest of the week. Let’s get past the Fed meeting and get a look at some more corporate earnings.
Have a nice evening everyone.
