Friends
Worries that the Fed might be a bit more deliberate in this rate reducing cycle sent stocks lower during the trading session. Of course, I’m still in the camp that we needed a bit of a pause/pull back here to cool things off anyway. Yes, seasonally this is usually a pretty good time of the year for stocks, but we had quite a rally leading into the election and another move higher afterwards, so again, a little pause keeps things from getting too crazy.
As for today, by the close the Dow Jones Industrial Average was down 305 points to finish the day at 43,444. The S&P 500 was down 78 points to close at 5,870. The Nasdaq Composite Index was down 427 points to close at 18,680. Gold was down $6 to trade at $2,566 per ounce, while oil was down $1.72 to trade at $66.98 per barrel WTI.
As the President Elect rolls out the folks he wants in his cabinet, market participants are trying to figure out how each one might affect a certain part of the market. That too is causing some consternation among market participants. We’ll see if this recent modest pullback in stocks develops into something more serious or will the bulls swoop in to buy the dip again. Stay tuned.
Have a great weekend everyone.
Jim
