Friends
We finally got a little of the air let out of the stock balloon today. Stocks tumbled led by the big tech names which helped drive the Nasdaq almost 2% lower for the day at its worst point. Things did recover a bit before the close but still a measurable down day nonetheless. We’ve wondered recently if a little disruption was in the cards and today, we saw recent leaders lead the way down.
For the day, the Dow Jones Industrial Average was down 404 points to close at 38,585. The S&P 500 was down 52 points to close at 5,078. The Nasdaq Composite Index was down 267 points to close at 15,939. Gold was up $12 to trade at $2,138 per ounce, while oil was down $.55 to trade at $78.19 per barrel WTI.
I’ve mentioned lately that the environment is a good one for stocks for the most part, but stock prices have gotten very extended after 5 straight months of rising prices. What we never know is if days like this will be followed with more selling in the coming days or weeks, or will buyers step right in and buy the dip. Only time will tell.
Have a nice evening everyone.
