Friends
As we mentioned yesterday, sentiment can change quickly when we are in the middle of a global political “crisis”. Market participants seem emboldened right from the opening bell, sending stocks higher for most of the session. The leaders, and not surprisingly, were the oil related stocks buoyed by the recent rapid rise in oil prices. The Syria situation has certainly not been resolved, so let’s not get too caught up in these quick changes in direction.
For the day, the Dow Jones Industrial Average was up 48 points to close at 14,824. The S&P 500 was up 4 points to finish the day at 1635. Gold was down $4 to trade at $1415 per ounce, while the aforementioned oil was up $.42 to trade at $109.43 per barrel WTI.
With Syria in the headlines, the talk about the Fed taper has been relegated to playing second fiddle, but when all is said and done, the Fed action will be the one that affects the markets over the longer term. Just two more trading days before the end of the summer vacation season on Wall Street. We’ll see how the next couple of days shake out, and prepare for more market “involvement” after the Labor Day weekend.
Have a nice evening everyone.
