Friends
New day, same story. Long term interest rates moved higher, and stocks moved lower. Yes, the bulls did try to generate a little rally in stocks this morning but ultimately, they could not generate enough fire power to stem the selling tide. Confusing signs continue to emanate from the economy and confusing signals continue to come from the mouths of Fed officials.
For the day, the Dow Jones Industrial Average was down 250 points to close at 33,414. The S&P 500 was down 36 points to finish the day at 4,278. The Nasdaq Composite Index was down 128 points to close at 13,186. Gold was up $20 to trade at $1,988 per barrel, while oil was up $2.16 to trade at $90.48 per barrel WTI.
It’s been a difficult stretch here for the bulls. If interest rates don’t stop going higher, it’s going to be hard for stocks to rally into the holiday season. In the meantime, earnings continue to be fine on a relative basis. Let’s see how the week finishes out tomorrow.
Jim
