Friends
It was a mixed day for the market averages as the Nasdaq continues to shine while the S&P and the Dow show little luster. Once again, a small handful of stocks have accounted for all of the gains in the S&P this year as well as the Nasdaq. Sure, the market averages move higher but fueled by just a handful of names. On an equal weighted basis many/most stocks have actually struggled during this move higher. The Dow and the Equal Weighted S&P 500 are both actually slightly negative for the year.
As for today, by the close the Dow Jones Industrial Average was down 50 points to finish the day at 33,042. The S&P 500 was virtually flat to close at 4,205. The Nasdaq Composite Index was up 41 points to close at 13,017. Gold was up $15 to trade at $1,959 per ounce, while oil was down $2.92 to trade at $69.75per barrel WTI.
All eyes will be on Congress to see if the agreed upon debt ceiling deal will actually pass and we do have jobs data to chew on with the non-farm payroll number coming on Friday. Buckle up for you never know what can happen when politicians gather.
Have a nice evening everyone.
