Friends
It was another difficult day for stocks, especially the Dow once again. Remember, the Dow is a price weighted index with high priced stocks carrying a lot of weight. United Health Group being the heaviest weighted stock in the Dow index has been a problem for the index lately, down another nearly 4% today. Suffice it to say that the Dow has fared worse than the other indices in the past week.
As for today, by the close the aforementioned Dow Jones Industrial Average was down 411 points to finish the day at 38,441. The S&P 500 was down 39 points to close at 5,266. The Nasdaq Composite Index was down 99 points to close at 16,920. Gold was down $19 to trade at $2,360 per ounce, while oil was down $.72 to trade at $79.11 per barrel WTI.
Interest rates continue to inch higher and that is a cloud that is hanger over stocks at the moment also. The bulls have to try to get the momentum back before the bears start to get feeling pretty good about themselves. Let’s see how the rest of the week plays out.
Have a nice evening everyone.
