Friends
It was a crazy week and there was a little something for everyone. The stock market bulls could point to resiliency, while the bears could make a case that a pullback has begun. Bulls on the economy got enough to believe that things are slightly getting better, while economic bears could point to dismal retail sales numbers and weakening manufacturing. Today’s CPI number showed a little life, while today’s consumer sentiment number was as expected which was about the same as last month.
As for stocks, it was a roller coaster session with the market averages spending time in positive and negative territory. By the close, the Dow Jones Industrial Average was down 88 points to finish the day at 18,123. The S&P 500 was down 8 points to close at 2139. Gold was down $5 to trade at $1,312 per ounce, while oil was down $.63 to trade at $43.28 per barrel WTI.
As mentioned, this was an active week for stocks and bonds. We have definitely moved on from the quiet days of August. Next up will be the FOMC meeting that will begin on Tuesday. We’ll get the statement and Janet Yellen’s press conference on Wednesday. It should be another interesting week. Stay tuned.
Have a great weekend everyone.
