Friends
It was a somewhat of a mixed day of trading for the market averages. While big tech names enjoyed a nice move higher helping both the Nasdaq and the S&P, many of the Dow names lingered lower throughout the trading session. On the economic front market participants will be focusing on jobs numbers this week with the all-important non-farm payroll number on Friday.
As for today, by the close the Dow Jones Industrial Average was down 55 points to finish the day at 35,399. The S&P 500 was up 19 points to close at 4,528. The Nasdaq Composite Index was up 136 points to close at 15,265. Gold was down $6 to trade at $1,813 per ounce, while oil was up $.27 to trade at $69.01 per barrel WTI.
Today saw a narrow group of big names leading a couple of the market averages higher. Overall there were actually more stocks down than up. We’ve seen narrow participation like this over the past decade. What had been encouraging was how participation in the advance earlier in the year had widened out. We’ll watch to see if things continue to narrow again. That would be a less bullish development in our minds. Stay tuned.
Have a nice evening everyone.
