Friends
Today’s Producer Price Index number came in a little hotter than expected and market participants were none too happy about it. Consumer sentiment numbers were better than expected though, but nevertheless the market averages finished a lousy week and one of the worst in a couple of months. All eyes will be on Tuesday’s CPI number and Wednesday’s Fed decision. The bulls need a tepid CPI number to have any real chance at a meaningful Santa Clause rally.
As for today, by the close the Dow Jones Industrial Average was down 305 points to finish the day at 33,475. The S&P 500 was down 29 points to close at 3,934. The Nasdaq Composite Index was down 77 points to close at 11,004. Gold was up $7 to trade at $1,808 per ounce, while oil was up $.05 to trade at $71.51 per barrel WTI.
It was a very disappointing week for the bulls who were hoping to plant the seeds for a nice Santa Claus rally. Maybe the CPI number and the Fed decision will turn the tide next week. If not we are looking at more of a 2018 Christmas fiasco. Yikes- let’s hope not.
Have a great weekend everyone.
