Friends
As we head into the Labor Day weekend, the situation in Syria took center stage as this afternoon’s presentation by Secretary of State John Kerry all but declared that the U.S. is about to take action of some type against the Assad regime. With the political/military situation looming and a three day weekend ahead, traders simply decided to sit this one out. Well, at least the buyers did, as stocks fell as the afternoon wore on.
By the close, the Dow Jones Industrial Average was down 30 points to finish the day at 14,810. The S&P 500 was down 5 points to close at 1632. Gold was down $18 to trade at $1394 per ounce, while oil was down $1.10 to trade at $107.70 per barrel WTI.
August ended up being the worst month for stocks in over a year, with the Dow finishing down more than 4% for the month and the S&P down about 3%. Now we head into September which looks to be volatile, as we have to deal with Fed meetings, Government shut down talk and of course Syria. Next week, regardless of what happens in Syria, the domestic economic news will include the all-important employment report next Friday. Let’s enjoy the holiday, and we’ll be here Tuesday to help sort out whatever happens over the next week.
Have a great Labor Day weekend everyone.
