Friends
Well, that was an ugly start to the month. Last Friday’s close looked like a bit of a month end mark up, but today we not only gave that back but a whole lot more. Stocks were lower from the opening bell and things continued to deteriorate throughout the entire trading session.
For the day, the Dow Jones Industrial Average was down 626 points to close at 40,936. The S&P 500 was down 119 points to finish the day at 5,528. The Nasdaq Composite Index was down 577 points to close at 17,136. Gold was down $4 to trade at $2,523 per ounce, while oil was down $3.23 to trade at $70.32 per barrel WTI.
Yes, September is often a difficult month for stocks, and today’s action certainly tees up the month for some volatility. Friday’s jobs number will be the economic data point of the week, so until then there may not be a great reason for the bulls to put new money to work. The bears came out roaring today. Let’s see if they can keep the bulls on the sidelines for the week. Stay tuned.
Have a nice evening everyone.
