Friends
The hopes and dreams of the bulls were dashed once again (so typical of a bear market), as todays employment numbers were too good. That’s right, good news is bad news. The Fed is not going to be backing off their fight against inflation any time soon. Those who continue to call for a pivot by the Fed have been tilting at windmills.
As for today, the strong employment report was bad news for stocks. By the close, the Dow Jones Industrial Average was down 630 points to finish the day at 29,293. The S&P 500 was down 104 points to close at 3,639. The Nasdaq Composite Index was down 420 points to close at 10,652. Gold was down $17.90 to trade at $1,702 per ounce, while oil was up $4.05 to trade at $ 92.50 per barrel WTI.
So we had a good start to the week and an awful end to the week. Next up is earnings season. Get some rest and stay hydrated.
Have a great weekend everyone.
