Friends
Traders appeared tentative before the “State of the Union” address tonight, as stocks drifted slightly in negative territory, with very little conviction. Interestingly, the economic data was decidedly positive as the Chicago PMI, the Richmond Fed Manufacturing Index and the Consumer Confidence number all came in better than expected. Nevertheless, traders decided to sit this one out and see how the President handles his first appearance in front of the Congress.
By the close, the Dow Jones Industrial Average was down 25 points to finish the day at 20,812. The S&P 500 was down 6 points to close at 2,363. Gold was down $8 to trade at $1,250 per ounce, while oil was down $.06 to trade at $53.99 per ounce WTI.
All in all, it was a good month for stocks in February. Earnings season ended up being ok (don’t tell the retailers), and for the most part economic data continues to improve. Will Mr. Trump move the ball down the field tonight, or will he run into a stern Democratic defense just waiting to obstruct his agenda? As I said, this is going to be must see TV. It will be interesting to see how markets respond tomorrow. Stay tuned, we’ll let you know.
Have a nice evening everyone.
