Friends
Checking in from the road. Stocks had a very volatile trading session today. After being down more than 550 Dow points, stocks rallied back throughout the afternoon to post more modest losses.
Earnings have been ok, but as we worried, companies are speaking cautiously about the future. Headwinds such as tariffs and the Fed have market participants and corporate CEO’s concerned.
By the close the Dow Jones Industrial Average was down 125 points to finish the day at 25,191. The S&P 500 was down 15 points to close at 2740. Gold was up $8.60 to trade at $1,233 per ounce, while oil was down $3.07 to trade at $66.29 per barrel WTI.
It’s been a miserable October for stocks, but it doesn’t really come as a huge surprise. The 3rd quarter advance was unexpected after a flat first half of the year. Given the headwinds at the moment, I’d expect more volatility ahead. Let’s see if some real good opportunities start to present themselves.
Have a nice evening everyone.
