Friends
After a couple of good days for the bulls the bears were able to wrestle back the narrative with the Nasdaq Composite Index continuing its heightened volatility. Did we mention recently that we might see a bit more volatility this year? The PPI number showed that we had 9.7% inflation at the wholesale level in 2021. Yikes! You could possibly find some good news in today’s release in that December’s number came in lighter than expected. But, with oil prices surging it’s hard to believe that we are out of the woods with regards to inflation at the wholesale level just yet.
As for today, by the close the Dow Jones Industrial Average was down 176 points to finish the day at 36,113. The S&P 500 was down 67 points to close at 4,659. The Nasdaq Composite Index was down 381 points to close at 14,806. Gold was down $6 to trade at $1,820 per ounce, while oil was down $1.15 to trade at $81.49 per barrel WTI.
We had seen reversals this week from down mornings to up afternoons, but today saw the opposite with the Dow up over 200 points earlier in the day before falling nearly 200 points by the close. We get a look at some bank earnings tomorrow. Let’s see how the week finishes up.
Have a nice evening everyone.
