Friends
The bears finally had a good day. With interest rates around the globe plummeting, Brexit on the horizon (and perhaps the demise of the EU all together), and soft domestic economic data (including continuous disappointments from retailers), stocks finally cracked some today, finally giving the bears something they could cheer about. But putting it all in perspective, the S&P 500 was only down a couple of points for the week.
Anyway, by the close the Dow Jones Industrial Average was down 119 points to finish the day at 17,865. The aforementioned S&P 500 was down 19 points to close at 2096. Gold was up $5 to trade at $1,278 per ounce, while oil was down $1.55 to trade at $49.01 per barrel WTI.
With school out and vacations beginning, the dog days of summer appear to be upon us (I know it’s not really summer just yet, but close), with regards to the markets. Global concerns, weak earnings and a suspicious jobs market are concerning market participants as we enter these dog days. Yes, things might get a bit more choppy than we have seen for a couple of months now, but summertime is typically a good time to look to buy or add to positions that you like longer term. Next week we get to deal with the Fed meeting, so that will keep us busy. Stay tuned.
Have a great weekend everyone.
