Friends
Even though stocks finished lower for the trading session, it was a pretty good day for the bulls. No, nothing like Monday or Tuesday when stocks rocketed higher. But stocks plunged at the open only to reverse and move into positive territory before giving some back near the close . There were plenty of reasons that stocks could have retreated today, not the least of which were the OPEC announcement of a reduction in production capacity, and this morning’s ADP private payroll report where we saw annual wages up an inflationary 7.8%. But despite stocks having moved higher by almost 6% in two days, the bears weren’t able to cut the legs out of the rally. At least not today.
By the close, the Dow Jones Industrial Average was down 42 points to finish the day at 30,273. The S&P 500 was down 7 points to close at 3,783. The Nasdaq Composite Index was down 27 points to close at 11,148. Gold was down $4 to trade at $1,726 per ounce, while oil was up $1.31 to trade at $87.83 per barrel WTI.
We still have Friday’s non-farm payroll number to navigate before we start to enter earnings season later next week. In the meantime, let’s see if the bulls can keep this positive week for stocks alive for the next couple of days. Stay tuned.
Have a nice evening everyone.
