Friends,
After the Dr. Bernanke fueled rally in stocks yesterday, trading was somewhat directionless today, until the last hour. By the close, the Dow Jones Industrial Average was down 43 points to close at 13,197. The S&P 500 gave back 4 points to finish the day at 1412. Gold was down $5.50 for the day to close near $1680, and oil was mainly unchanged finishing right around $107 per barrel WTI. By the way, natural gas hit another new low today at $2.20 per 1000 cubic feet. Amazing!
On the economic front, the March consumer confidence number held up well considering the rise in oil prices which threatened to dampen the spirit of consumers. The Case-Shiller housing index was down a bit continuing the unflattering housing numbers we have gotten as of late, and the Richmond Fed manufacturing index was down more than expected from February to March.
Today’s action is not a real surprise after yesterday’s climb. To consolidate gains that are achieved that quickly is not unusual. We’ll see how we fare the rest of the week as the quarter comes to a close. Look for “window dressing” as managers add stocks that were working this quarter and dump those that were not. I know that sounds goofy, but yes, that is what they do.
Have a nice evening everyone.
