Friends
It was a profit taking trading session right from the opening bell this morning, and after the move higher we have had in the past several weeks that is certainly not surprising. Stocks have made new highs day after day so a little pause could actually refresh.
Though down for the trading session stocks did close nicely off the lows of the day. By the close, the Dow Jones Industrial Average was down 112 points to finish the day at 36,319. The S&P 500 was down 16 points to close at 4,685. The Nasdaq Composite Index was down 95 points to close at 15,886. Gold was up $5 to trade at $1,833 per ounce, while oil was up $2.44 to trade at $84.37 per barrel WTI.
Today’s winning sectors were staples, industrials and materials while technology (other than a few exceptions), consumer discretionary, health care, and financials were on the negative side of the ledger. Today’s PPI number came in as expected, and traders will be focused on tomorrow’s CPI data. Stay tuned.
Have a nice evening everyone.
