Friends
Today’s story was simple – strength in the dollar caused weakness in stocks, bonds and commodities. In terms of stocks, climbing interest rates produced a selloff in the shares that yield hungry investors had been chasing for quite some time now.
By the close the Dow Jones Industrial Average was down 85 points to finish the day at 18,168. The S&P 500 was down 10 points to close at 2150. Gold was down $41 to trade at $1,271 per ounce, while oil was down $.18 to trade at $48.63 per barrel WTI.
It’s only one trading session, but it will be interesting to see where investors rotate to when/if interest rates actually do really begin to rise. Until then, let’s see what effect economic data, corporate earnings, a presidential election and the Fed have on the markets in the next few months.
Have a nice evening everyone.
