Friends
Let’s take a moment to look back to the 1987 “crash” and see what has transpired since. On that Oct. 19th day, the Dow Jones Industrial Average closed at 1738. Today, 28 years later it closed at 17,230. The more broad based S&P 500 closed at 224.84 on the fateful day in 1987. Today, the S&P 500 finished the day at 2033. That represents an 8.2% compounded annual rate of growth. The 1987 crash, just as the corrections/bear market/crashes we have seen since, provided an amazing buying opportunity, but of course it didn’t feel like it at the time. Market “adjustments” never feel good when you are in the middle of them, but have always been temporary and have always provided an opportunity for future gains.
Anyway, as for October 19th 2015, not much happened as trading was quiet. For the day, the Dow was up 14 points to close at 17,230. The S&P 500 was up a fraction to finish the day at 2033. Gold was down $13 to trade at $1169 per ounce, while oil was down $1.19 to trade at $46.07 per barrel WTI.
Earnings season continues in force this week, and so far, despite the lukewarm reports, stocks in general are acting fairly well. Let’s see how the week unfolds. Stay tuned.
Have a nice evening everyone.
