Friends
What a wild day for stocks. After a more than 600 point drop early morning in the Dow on what appears to be Chinese trade retaliation, stocks reversed course and at one point the Dow was sporting a 400 plus point gain. That’s quite a swing. In the last hour of trading more concerns over hostile Chinese trade tactics sent stocks lower once again.
By the close, the Dow Jones Industrial Average was up 202 points to finish the day at 46,270. The S&P 500 was down 10 points to close at 6,644. The Nasdaq Composite Index was down 172 points to close at 22,521. Gold was up $25 to trade at $4,158 per ounce, while oil was down $1.05 to trade at $58.44 per barrel WTI.
On the earnings front we saw good numbers from several money center banks this morning as well as health care giant Johnson & Johnson. But for the trading session the market averages were driven by global headlines. Earnings are what matter in the long run, but headlines drive emotional volatility. Let’s see how this continues to play out this week. Stay tuned.
Have a nice evening everyone
