Friends
Comments from Treasury Secretary Janet Yellen seemed to unsettle the stock market today with the Nasdaq once again receiving the brunt of the selling. The Treasury Secretary had the audacity to mention in an interview that the Fed might just have to raise interest rates if the economy overheats. In the end the Dow did eke a gain, but the tech sector had a rough day.
By the close, the Dow Jones Industrial Average was up 19 points to finish the day at 34,133. The S&P 500 was down 28 points to close at 4,164. The Nasdaq Composite Index was down 261 points to close at 13,633. Gold was down $14 to trade at $1,777, while oil was up $1.21 to trade at $65.71 per barrel WTI.
Remember, those big tech names have been a source of funds since they announced earnings, so the Treasury Secretary’s comments today just tossed a little fuel on a fire that has been smoldering anyway for a couple of weeks. As has been the case lately, though, there were other stocks and sectors that help limit the damage to the overall averages. We’ll keep an eye on the big growth names. Can the market move higher without them? Stay tuned.
Have a nice evening everyone.
