Friends
Despite a raucous Presidential press conference, stocks had an extremely quiet day. Even an amazingly strong report out of the Philly Fed couldn’t spur any buying interest, as market participants simply might be out of gas after a week of rising stock prices. Even though the bulls seemed content to sit this one out today, the bears still couldn’t muster any real selling pressure to at least give the bulls something to react to. The result was one of the quietest trading days of the year.
By the close, the Dow Jones Industrial Average was up 7 points to finish the day at 20,619. The S&P 500 was down 2 points to close at 2,347. Gold was up $8 to trade at $1,241 per ounce, while oil was up $.29 to trade at $53.40 per barrel WTI.
After the 10 Year Treasury Note yield moved above 2.50% this week, today it moved back down to 2.45% despite economic strength illustrated by the Philly Fed number. It’s not a surprise that politics filled the news headlines today, but what is somewhat surprising is that stocks seemed not to take much notice. Let’s see how the week closes out tomorrow.
Have a nice evening everyone.
