Friends
We finally had a day when all the market averages moved lower. We had already seen the Nasdaq run into trouble over the past week, but today after its parabolic move higher the Dow finally ran out of some steam. Small caps also pulled back after their own parabolic move higher. Even the bulls can’t be too upset that we see a break in the action.
By the close, the Dow Jones Industrial Average was down 533 points to finish the day at 40,665. The S&P 500 was down 43 points to close at 5,544. The Nasdaq Composite Index was down 125 points to close at 17,871. Gold was down $15 to trade at $2,444 per ounce, while oil was down $.58 to trade at $82.27 per barrel WTI.
As mentioned, the move higher in stocks was getting very extended, so a pause to digest some of those gains is welcome. We really swing into action next week with regards to corporate earnings. In the meantime, let’s see how the week finishes up tomorrow.
Have a nice evening everyone.
