Friends
Other than the shares of a speculative pharmaceutical company, heavily owned by major hedge funds, cratering, the only real action came on the political front today as Vice President Joe Biden decided he’s not running for President, and hedge fund activist Carl Icahn decided to challenge Congress to a dual. Stocks meandered in and out of positive territory as neither the bulls or the bears seemed to be able to find any footing.
By the close, the Dow Jones Industrial Average was down 48 points to finish the day at 17,168. The S&P 500 was down 11 points to close at 2018. Gold was down $10.50 to trade at $1167 per ounce, while oil was down $1.12 to trade at $45.17 per barrel WTI.
Earnings reports seem to be taking some stocks to the wood shed, but once again the market averages are holding on for dear life. Yes, we have seen intraday volatility, but for the most part we are holding on to the gains achieved in the early part of the month. The earnings keep coming, and we’ll keep you informed.
Have a nice evening everyone.
