Friends
It appeared that that stock market had a bit of a hangover today after yesterday’s fireworks. The GDP number was weak as expected as the economy only grew by 1.5% in the third quarter (of course there will be revisions to that number). No, it was not a surprise, but still disappointing nevertheless. Stocks spent most of the day drifting in negative territory, while bonds and gold sold off hard.
By the close, the Dow Jones Industrial Average was down 23 points to finish the day at 17,755. The S&P 500 was down less than a point to close at 2089. The aforementioned gold was down $29 to trade at $1146 per ounce, while oil was down $.20 to trade at $45.74 per barrel WTI.
We still have a lot of earnings to work through including Starbucks which reports after the close today, so the corporate earnings data picture is still unfolding. October has been a stellar month for the bulls, but they still have one more day before the books are closed for the month. Let’s see if they can hold on to the high ground as the week concludes tomorrow. We knew this week was going to be interesting, and it sure has been.
Have a nice evening everyone.
