Friends
More mixed action in the stock market as while the Dow reversed early losses, the S&P and the Nasdaq remained in negative territory during the trading session. The biggest stumbling block for the bulls this week was stronger than expected economic and inflation data and hawkish Fed officials indicating that the Fed is not done raising rates just yet.
By the close, the Dow Jones Industrial Average was up 129 points to close at 33,826. The S&P 500 was down 11 points to close at 4,079. The Nasdaq Composite Index was down 68 points to close at 11,787. Gold was down $1 to trade at $1,851 per ounce, while oil was down $2.22 to trade at $76.27 per barrel WTI.
The markets are closed Monday for Presidents Day so we will be back at it on Tuesday. I will be out of the office for most of the next couple of weeks but as always, Scott, John and Hunter will be available. I’ll check in periodically from the road, but it’s always interesting to see what the market will do when I’m out of the office. After my absences causing stocks to fall over the years, more recently stocks have gone up when I’m away. Let’s hope the new trend continues. Place your bets on which way stocks go this time.
Have a great 3-day weekend everyone.
