Friends
After an early morning downdraft of more than 300 Dow points, stocks found some footing and the bulls were able to push the market averages into positive territory for most of the afternoon, only to fall back into negative territory by the close. Fed Chair Powell was testifying before Senate Banking Committee when the tide turned for stocks, but I don’t think he said anything noteworthy. He did have to continuously explain to the Senators that the Fed cannot affect gas prices at the pump or food prices at the grocery store. They had a difficult time accepting that message.
Whatever the case, by the close the Dow Jones Industrial Average was down 47 points to finish the day at 30,483. The S&P 500 was down 4 points to close at 3,759. The Nasdaq Composite Index was down 16 points to close at 11,053. Gold was up $1 to trade at $1,840 per ounce, while oil was down $4.04 to trade at $ 105.48 per barrel WTI.
The President wants Congress to pass a gasoline tax holiday. It won’t make any difference. Anyway, stocks continue to try to find some footing while pundits debate whether we are heading into recession as the Fed fights inflation. Stay tuned.
Have a nice evening everyone.
