Friends
Down 600 points one day. Up 400 points the next day. You might wonder what is the difference between yesterday and today in terms of market moves. Well, nothing really. This is how corrections/disruptions/even bear markets play out. Declines are quick and sharp, and countertrend rallies are also quick and dramatic. As investors, it’s best not to be deterred or influenced by these wild gyrations.
As for today’s wild ride, by the close the Dow Jones Industrial Average was up 401 points to finish the day at 24,984. The S&P 500 was up 49 points to close at 2705. Gold was up $1.70 to trade at $1,232 per ounce, while oil was up $.24 to trade at $67.06 per barrel WTI.
As mentioned, I wouldn’t read any more into today’s advance than yesterday’s mauling. There are still cloudy skies until Election Day, that even good earnings haven’t been able to clear. By the way there are a lot of earnings coming after the bell this afternoon, including Amazon. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
