Friends
Every time the bulls try to string some wins together or build on a recent success, they seem to run into those nasty head winds. Today, rising oil prices and bond market weakness provided the negative headwinds that kept stocks in the red for most of the trading session.
For the day, by the close the Dow Jones Industrial Average was down 269 points to finish the day at 32,910. The S&P 500 was down 44 points to close at 4,115. The Nasdaq Composite Index was down 88 points to close at 12,086. Gold was up $3 to trade at $1,855 per ounce, while oil was up $3.04 to trade at $122.45 per barrel WTI.
Remember, the next data point that investors are keying on is Friday’s Consumer Price Index. The bulls are desperately hoping to see some easing in the inflation numbers, even if it is just slightly on the margin. But our position all year is that the burden of proof is on the bulls. Stay tuned.
Have a nice evening everyone.
