Friends
As you know we’ve had quite a day of weather here in the Houston area. Well, we had quite a day in the markets as well. A nearly 300-point gain in the Dow turned into a double digit loss by mid-afternoon. We haven’t seen a reversal like that for quite some time. Whether it was the result of fear of a government shutdown (we’ve seen this movie many times before), overseas concerns or just some profit taking, really doesn’t matter. The fact that the market cooled off is the story, and probably good news.
For the day, the Dow Jones Industrial Average was down 10 points to finish the day at 25,792. The S&P 500 was down 9 points to close at 2,776. Gold was up $4 to trade at $1,339 per ounce, while oil was down $.51 to trade at $63.79 per barrel WTI.
It would be no surprise to see volatility pick up during earnings season, so perhaps today was just a precursor of things to come. Hopefully, we’ll be able to be back in the office tomorrow. We’ll let you know.
Have a nice evening everyone
