Friends
Once again stocks rallied at the open only to see those gains dissipate as the trading session wore on. But by the close we did see modest gains across the board. We have noted that the market averages continue to flirt with new highs only to run out of steam each time the new high is approached. This daily pattern of strong openings that fail later in the day is not one of my favorites. I’d prefer down openings and strong closes. But interestingly enough whether the opening has been strong or not we seem to end up in the same place- stocks not moving much in either direction.
By the close the Dow Jones Industrial Average was up 13 points to finish the day at 34,479. The S&P 500 was up 8 to close at 4,247. The Nasdaq Composite Index was up 49 points to close at 14,069. Gold was down $18 to trade at $1,878 per ounce, while oil was up $.48 to trade at $70.76 per barrel WTI.
We are still weeks away from the end of the quarter and a new earnings season, so investors will be searching for something to help determine market direction. Can you believe we are almost half way through this “new” year?
Have a great weekend everyone.
