Friends
The volatility continues as does the string of down weeks, as stocks could not build on yesterday’s gains and spent almost the entire day in negative territory. A little hotter than expected Producer Price Index may have stoked the fire, but yesterday’s up move seemed a little suspect anyway.
By the close, the Dow Jones Industrial Average was down 105 points to finish the day a 15,070. The S&P 500 was down 9 points to close at 1626. Gold was up $11 to trade at $1389 per ounce, while oil was up $1.14 to trade at $97.83 per barrel WTI. The S&P finished the day precariously above that 1624 support level, but the bulls will go into this weekend with several down weeks in a row to ponder.
All eyes will be focused on the Federal Reserve next week as the FOMC begins its meeting on Tuesday and releases its statement on Wednesday. After the statement, Dr. Bernanke is due to hold his quarterly press conference. As traders are preoccupied with Fed speak lately, next week might be the most important of the early summer. We’ll let you know how it all transpires.
Have a great weekend everyone.
