Friends
Today marks the anniversary of the crash of 1929. Contrary to popular belief, I was not in the business at the time. As for today’s action, well, let’s just say it was another interesting day. First, we got a better than expected first look at 3rd quarter GDP (remember, it will be revised a couple of times) with the number at a very nice 2.9%. The markets seemed to like that, and stocks posted some modest gains by midday. Then the news hit the tape that the FBI has stumbled across some more emails from Secretary Clinton. Oh boy, good luck resolving this stuff before the election. You really can’t make this stuff up. Anyway, stocks gave up the gains that they were holding onto, as the trader’s preferred paradigm of a Hillary presidency and a Republican congress was slightly disrupted.
By the close, the Dow Jones Industrial Average was down 8 points to finish the day at 18,161. The S&P 500 was down 6 points to close at 2126. Gold was up $7 to trade at $1,276 per ounce, while oil was down $.93 to trade at $48.79 per barrel WTI. Natural Gas was up $.048 to trade at $3.116.
Earnings season got “trumped” (see what I did there?) today by the hotter than expected GDP number and of course political news. We have one more busy week of earnings ahead, but it’s likely the election being just a week and change away will dominate the headlines. Never a dull moment.
Have a great weekend everyone.
