Friends
Stocks closed the month on somewhat of a sour note, and when all was said and done the market averages experienced little movement in August. The ADP employment report came in about as expected with 177,000 new private sector payrolls added in August. Of course, Friday’s non-farm payroll number is the one traders are focused on.
By the close, the Dow Jones Industrial Average was down 53 points to finish the day at 18,400. The S&P 500 was down 5 points to close at 2170. Gold was down $4 to trade at $1,311 per ounce, while oil was down $1.58 to trade at $44.77 per barrel WTI.
After a strong July, stocks took a pause in August as volume was light and volatility was muted. Friday’s jobs report should give us an indication of what to expect from the Fed in the short run, so I would expect market participants to be a bit more active come September.
Have a nice evening everyone.
