Friends
After China’s announced retaliation to the White House’s most recent tariff declaration overnight, stocks were ready to sell off and they did to the tune of a 500 point drop in the Dow. But as the day wore on, calming comments from various sources seemed to satisfy bargain hunters and stocks skyrocketed. The Dow swung from down 500 to up more than 200 in stunning fashion. When asked about the market’s reaction to trade wars and tariffs the White House responds that they are willing to take short term pain for long term gain.
By the close, the Dow Jones Industrial Average was up 230 points to finish the day at 24,264. The S&P 500 was up 30 points to close at 2,644. Gold was down a fraction to trade at $1,336 per ounce, while oil was up $.04 to trade at $63.55 per barrel WTI.
We got the ADP private payroll number this morning and again it was much better than expected. We are starting to hear comments from economists that we’ll run out of workers at this pace of job growth. Let’s see if the government jobs number is as good on Friday, but it might have been affected by the difficult weather in the Northeast. As for stocks, as we mentioned yesterday the minute a move looks to be developing, things seem to change of a dime. Today was a great example.
Have a nice evening everyone.
