Friends
Though stocks rallied from a triple digit Dow loss earlier in the session, stocks still finished in negative territory for the 4th day in a row. On the economic front, the ADP private payroll growth of 215,000 new jobs was better than expected, and although analyst were questioning the number, the October new home sales number was better than expected. Despite the positive data points (or because of them) stocks sold off early in the trading session.
By the close, the Dow Jones Industrial Average was down 24 points to finish the day at 15,889. The S&P 500 was down 2 points to close at 1792. Gold was up $23 to trade at $1243 per ounce, while oil was up $1.10 to trade at $97.14 per barrel WTI.
The late day reversal did give some hope to the bulls, but nevertheless the bears can celebrate 4 down days in a row, and the first 3 day losing streak for the beginning of a month since 2011. The damage is minor so far, but for the first time in a while, traders seem to be reluctant to buy every down tick in prices. We will be gearing up for Friday’s job release. Let’s see how the week finishes.
Have a nice evening everyone.
