Friends
Stocks were on quite a roller coaster ride during today’s trading session. In the end, much of the damage from earlier in the day had been mitigated and the market averages ended mixed. The Democrats made an offer to reopen the government, but the Republicans are likely to reject it. Maybe they are at least negotiating now, but we’ll see.
As for stocks, by the close the Dow Jones Industrial Average was up 74 points to finish the day at 46,987. The S&P 500 was up 8 points to close at 6,728. The Nasdaq Composite Index was down 49 points to close at 23,004. Gold was up $16 to trade at $4008 per ounce, while oil was up $.31 to trade at $59.74 per barrel WTI.
Unfortunately, consumer sentiment is plunging, and the government shutdown is fueling the concern. This morning’s reading was the lowest in 3 years and close to its worst levels ever. The University of Michigan report showed decline in sentiment that was widespread across age, income, and political affiliation (and probably people who have had to travel through airports). Maybe the shutdown will be solved soon, and we can get on with the holiday season. Stay tuned.
Have a great weekend everyone.
