Friends
Who had China tensions on their what will trigger a stock selloff bingo card? We’ve talked about stocks getting a bit rich lately, and that valuation, though not a timing mechanism, may allow some sizable pullbacks. Well today we saw the big growth stocks take a bit of a beating. Is it the start of something serious? Probably not, but it is a reminder that stocks go down sometimes too.
By the close, the Dow Jones Industrial Average was down 878 points to finish the day at 45,479. The S&P 500 was down 182 points to close at 6,552. The Nasdaq Composite Index was down 820 points to close at 22,204. Gold was up $64 to trade at $4,036 per ounce, while oil was down $2.69 to trade at $58.82 per barrel WTI.
It’s been a long time since the bears had something to get excited about. Again, this may be nothing more than a pullback that sets up a rally into the holidays and year end, but I for one, don’t mind seeing things cool off a little. We’ll see if the bears will be able to sustain this attack to take the high ground next week. For now, they simply have won a skirmish this week.
Have a great weekend everyone!
