Friends
Stocks understandably sold off at the open this morning after unrest in the Middle East transpired over the weekend. It is difficult to focus on the stock market when there is so much human suffering going on around the world but that is our job after all. But despite the early sell-off, stocks regained their footing and moved higher throughout the afternoon. The bond market was closed for Columbus Day, so investors only had stocks to deal with for the day.
By the close, the Dow Jones Industrial Average was up 197 points to finish the day at 33,604. The S&P 500 was up 27 points to close at 4,335. The Nasdaq Composite Index was up 52 points to close at 13,484. Gold was up $31 to trade at $1,876 per ounce, while oil was up $3.62 to trade at $86.41 per barrel WTI.
Stocks showed amazing resilience today given the massive amount of uncertainty in the Middle East and everywhere else for that matter. For the moment, I think it’s best to just follow what unfolds overseas while focusing on the upcoming earnings onslaught over the next few weeks. We’ll keep you up to date on what transpires.
Have a nice evening everyone.
