Friends
The White House announced today that the U. S. will release 50 million barrels of crude from the Strategic Petroleum Reserve. This move was coordinated with developed nations around the world to combat the rise in energy prices. Well, that should push oil prices lower. Umm, nope. After an initial dip in prices WTI actually moved more than 2% higher throughout the trading session. Well, they gave it a shot. Of course oil prices had slipped quite a bit recently so perhaps it was a sell the rumor and buy the news type of reaction.
As for stocks, the selloff in tech and the rotation to value continued as the Nasdaq fell sharply while the Dow moved higher at the close. For the day the Dow Jones Industrial Average was up 194 points to finish the day at 35,813. The S&P 500 was up 7 point to close at 4,690. The Nasdaq Composite Index was down 79 points to close at 15,775. Gold was down $15 to trade at $1,791 per ounce, while the aforementioned oil was up $2.02 to trade at $78.77 per barrel WTI.
Bond yields have moved higher now for a couple of trading sessions. One would think this should continue given the inflationary environment we find ourselves in, but several times this year these moves higher in yield reversed out of nowhere. We’ll find out soon enough if this move is real or not. Let’s see how we do tomorrow before the Thanksgiving day off.
Have a nice evening everyone.
