Friends
Stocks continued to follow oil lower this morning as the Dow posted a formidable 245 point loss by mid-morning while oil was sporting a 36 handle. But as oil finally bounced, stocks staged a bit of a rally recovering a good portion of the earlier losses, only to fall back into triple digit losses by the close.
For the day, the Dow Jones Industrial Average was down 161 points to close at 17,568. The S&P 500 was down 13 points to finish the day at 2063. Gold was down $1 to trade at $1073 per ounce, while oil was down $.10 to trade at $37.55 per barrel WTI.
Given the constantly deteriorating commodity situation, it will be interesting to see if market participants are still as convinced that the Fed will move at next week’s FOMC meeting. Other than the decent jobs number, there certainly hasn’t been a lot to get excited about with regards to economic data (and remember Fed Chair Yellen has continuously contended that the Fed is data dependent). I know they desperately want to move and get away from the emergency ZIRP (zero interest rate policy), but the market has seemingly stopped them before. Let’s see how the rest of this week unfolds first.
Have a nice evening everyone.
