Friends
A fairly quiet day in the markets today, until the last 5 minutes. Stocks were mixed most of the day, but at the end, the Dow Jones Industrial Average finished down 45 points to close at 13,124. The S&P 500 was down 2.62 points to close at 1402.90 (it would be nice to hold 1400 by the end of the week). At the end of the day gold was trading up about $3.50 at $1650 per ounce, and oil was up $.88 to close near $106.95 per barrel.
There was not much in the way of news today for the markets to deal with. Dr. Bernanke and Treasury Secretary Geithner testified in front of Congress about the state of the European crises, and worries continued about spiking oil prices, but there was nothing new on the economic front. In what I would refer to as the “better late than never” call of the past few years, Goldman Sachs came out with a piece that urged investors to sell bonds and buy stocks (do they realize that the S&P has more than doubled in the last three years?), as they contend a new era is about to unfold. Not saying they are wrong, or even that we disagree, but their timing is bizarre.
Anyway, we’ll keep an eye on things and let you know how the rest of the week goes.
Have a nice evening everyone.
