Friends
The bulls weren’t able to keep yesterday’s momentum going as stocks slumped into negative territory early in the trading session and drifted there for the balance of the day. On the economic front the consumer confidence is booming as measured by the Conference Board’s consumer confidence index, but at the same time home prices were slipping according to the Case-Shiller HPI data. Dealing with mixed economic signals is not a new phenomenon for market participants these days.
As for today’s numbers, by the close the Dow Jones Industrial Average was down 48 points to finish the day at 18,454. The S&P 500 was down 4 points to close at 2176. Gold was down $14 to trade at $1,312 per ounce, while oil was down $.51 to trade at $46.47 per barrel WTI.
Once again, the focus continues to be on Friday’s jobs report. For those keeping score at home, a strong number might embolden the Fed to raise rates sooner (September) than later (December or beyond). A weak number probably gives the doves more cover to hold off on a rate increase until after the election, at least. Of course, how the market’s feel about rate hikes is still in question. Stay tuned.
Have a nice evening everyone.
