Friends
Because traders came in to work today expecting a very difficult stock market (based on how futures were trading last night), a small loss in the averages today almost feels like a win. After last week’s deluge of domestic economic news, we are at the mercy of Europe for most of this week, as every little rumor will send stocks careening one way or the other. European leaders will soon feel the urgency, if they don’t already, as the markets are poised to apply the pressure.
For the day, the Dow Jones Industrial Average was down 17 points, to close at 12,101. The S&P 500 was basically unchanged finishing the day at 1278. Gold was mainly unchanged trading hands at $1621 per ounce. Oil recovered a bit, as WTI was up about $1.12 to trade at $84.35.
We’ll see if anything comes from the G7 conference and await Dr. Bernanke’s words of wisdom on Thursday. Again, markets will be moved by every piece of information or rumor that comes out of Europe for the next few weeks. We’ll keep you informed.
Have a nice evening everyone.
