Friends
After yesterday’s rally, stocks were vulnerable to any type of negative news. After a soft opening, stocks rallied on news that the President was feeling like a deal with China could get done this weekend, should he feel like dealing. But almost immediately after that it was discovered that China hawk Peter Navaro was also going to be at the dinner meeting. That sent stocks down about 150 Dow points. In the afternoon we got the most recent FOMC minutes which provided the same slightly more dovish point of view as Chairman Powell did yesterday. Stocks rallied nicely on that news, but by the close had surrendered all those gains.
For the day, The Dow Jones Industrial Average was down 27 points to close at 25,338. The S&P 500 was down 6 points to close at 2737. Gold was up $1 to trade at $1,224 per ounce, while oil was up $1 (after being down in the morning) to trade at $51.32 per barrel WTI.
Given the mixed headlines today (not the least of which was more news about The Presidents former attorney), stocks actually showed a little resilience. Let’s see if the bulls can get to the weekly finish line tomorrow.
Have a nice evening everyone.
