Friends
That market giveth and the market taketh away. Stocks gave back about half of yesterday’s gains, as the bulls just could not find any traction during the trading session. Oil dropped into bear market territory and energy shares continued to weigh on the market averages as well. Speaker Ryan, in a speech, indicated that the house hopes to see both health care and tax bills passed this year, but at this point it doesn’t appear that market participants are convinced. I’m from Missouri, and you need to show me too.
As for today, the Dow Jones Industrial Average was down 61 points to finish the day at 21,467. The S&P 500 was down 16 points to close at 2,437. Gold was down $2 to trade at $1,244 per ounce, while the aforementioned oil was down $.97 to trade at $43.34 per barrel WTI.
As mentioned, the bulls weren’t able to build on yesterday’s rally, which makes us wonder if the summer doldrums could soon descend upon us. Trading volume was light both yesterday and today which might lend credence to the idea that investors might be ready to dial down activity over the next few months. At the moment, other than politics, there doesn’t appear to be any major catalyst on the horizon. The Fed might be done for the time being but we will have earnings to chew on in a few weeks. Until then…
Have a nice evening everyone.
