Friends
Well, today was pretty much the opposite of yesterday. Today stocks were down while bonds moved higher in price (yields lower). Oil prices are moving back higher and that continues to fan the inflation fire. Remember stocks began their recent climb after oil prices peaked at about $130 per barrel WTI and fell back under $100. Now with oil prices moving higher, we’ll see how stocks handle it.
As for today, by the close the Dow Jones Industrial Average was down 448 points to finish the day at 34,358. The S&P 500 was down 55 points to close at 4,456. The Nasdaq Composite Index was down 186 points to close at 13,922. Gold was up $23 to trade at $1,945 per ounce, while the aforementioned oil was up $5.68 to trade at $114.95 per barrel WTI.
As we mentioned yesterday, those pesky headwinds for stocks aren’t going away anytime soon. Long term investors (all of us) are just going to have to be patient while these headwinds persist. But the recent rally was nice to see and reminds us that markets can and will move higher at some point in the future.
Have a nice evening everyone.
