Friends
A downgrade of the regional banking sector sent stocks lower this morning but as the trading session wore on buyers did appear and the losses were pared somewhat. Nevertheless, it was another down day for stocks, and it appears we are entering a period of heightened volatility.
By the close the Dow Jones Industrial Average was down 158 points to finish the day at 35,314. The S&P 500 was down 19 points to close at 4,499. The Nasdaq Composite Index was down 110 points to close at 13,884. Gold was down $10 to trade at $1,960 per ounce, while oil was up $.96 to trade at $82.90 per barrel WTI.
Bond yields were mostly lower across the board as the surge in rates that we saw a week ago has seemed to have dissipated for the time being. Remember, we have the CPI release on Thursday. Market participants will be anxious to see if inflation is still trending lower or will we see a disconcerting interruption to that recent trend. Stay tuned.
