Friends
Weakness in oil and natural gas, and continued concerns of a slowdown in the Global economy (namely China) sent stocks lower today. The February durable goods report was a bit on the disappointing side as well. When all was said and done, the Dow Jones Industrial Average was down 71 points for the day to close at 13,126. The S&P 500 was down 7 points to close at 1405. Gold was down $22 to close near $1662, and oil was down $1.80 to trade near $105.53 per barrel WTI by the end of the day.
In terms of the numbers game, after dipping below 1400 midday, the S&P 500 was able to get back above that level at the close. We’ll see if we can hold 1400 into the close on Friday. Gold challenged the $1700 level but backed off, as that may become a resistance level for the precious metal in the near future. As it turns out we seem to be trying to give back Monday’s juicy gains as the week rolls on.
We’ll see how the rest of the week unfolds.
Have a nice evening everyone.
