Friends
Although stocks ended the day on the negative side of the ledger, it could have been worse. In early morning trading stocks were down considerably more than where they ended up and, with yesterday’s slump, had basically erased the gains that had been garnered on Friday. Rising interest rates in the bond market once again seemed to be the culprit, as once again stock traders are trying to figure out the cause and effect of the bond move. As the bonds rallied (rates fell) some off their lows, stocks followed suit.
As for stocks, by the close the Dow Jones Industrial Average was down 36 points to finish the day at 18068. The S&P 500 was down 6 points to close at 2099. Gold was up $9 to trade at $1192 per ounce, while oil was up $1.35 to trade at $60.60 per barrel WTI.
Today’s volatility was a bit of a change from the last few sessions which were mainly one directional. As mentioned though, Friday’s excitement has waned and we seem to be back to the directionless market with a bad case of amnesia.
Have a nice evening everyone.
