Friends
Market participants still seem to be trying to determine how they want to position portfolios given the inflation pressures that are being felt in the economy. Interestingly, the tech heavy Nasdaq was the winner today, despite growth stocks being seen as having the most trouble dealing with inflation. Overall stocks were mixed with the S&P and Nasdaq posting gains while the Dow spent the day in negative territory.
By the close, the Dow Jones Industrial Average was down 158 points to finish the day at 35,921. The S&P 500 was up 2 points to close at 4,649. The Nasdaq Composite Index was up 81 points to close at 15,704. Gold was up $15 to trade at $1,864 per ounce, while oil was down $.18 to trade at $81.16 per barrel WTI.
Other than technology, financials, materials and energy were winners in today’s trading, while industrials, health care, communications and consumer discretionary were the losers. There’s a bit of inconsistency and confusion among market participants it appears at the moment. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone and God Bless our Veterans who fought for our freedoms.
