Friends
Stocks gave up an early rally and spent most of the day in negative territory. But, as the trading session wore on stocks strengthened and in the end, only the Dow closed in the red. I had mistakenly mentioned that Apple was splitting today, but it actually will happen after the close on Friday. There wasn’t really any real definition to today’s action, as the banks were slight winners but other economically sensitive areas were mixed.
By the close, the Dow Jones Industrial Average was down 60 points to finish the day at 28,248. The S&P 500 was up 12 points to close at 3,443. The Nasdaq Composite Index was up 86 points to close at 11,466. Gold was down $4 to trade at $1,934 per ounce, while oil was up $.72 to trade at $43.34 per barrel WTI.
It was announced after the close yesterday that Exxon Mobil, Pfizer and Raytheon were being replaced in the DJIA by Amgen, Honeywell, and Salesforce. This doesn’t usually mean anything particularly bad for those leaving or particularly good for those being added. Sure, today Amgen, Honeywell and Salesforce all rallied, but in the long run there’s no correlation to performance and being part of the DJIA index. Of course, here in Houston we are keeping an eye on the Gulf and Laura. Here’s hoping everyone stays safe.
Have a nice evening everyone.
