Friends
Well, it appears that yesterday’s robust rally was, indeed, a one day affair. Stocks headed south early this morning and things got worse before they got better. Nasdaq, led by the momentum boys, once again took it in the teeth, down about 2% at one point during the trading session, and the Dow was down more than 250 points at its worst moment. Things did stabilize in the afternoon and stocks recovered some of the early losses, but by the close the bulls were still licking their wounds.
For the day, the Dow Jones Industrial Average was down 167 points to close at 21,287. The S&P 500 was down 20 points to finish the day at 2,419. Gold was down $4 to trade at $1,244 per ounce, while oil was up $.07 trade at $44.81 per barrel WTI.
If you remove yesterday’s spike, the market has been more than challenged over the past two weeks, as we’ve seen the wind come out of the sails of the momentum stocks. There has been some attempt at rotation with health care and financials getting some recent love, but all in all stocks seem to be cracking under the weight of lofty valuations as the quarter comes to an end. Let’s see how things finish out tomorrow.
Have a nice evening everyone.
