Friends
The first trading day of the new year was quite volatile as stocks moved higher at the open, fell firmly into negative territory then recovered some before the close. It was not really a surprise to see stocks like Apple fall today given the pent-up desire to do some profit taking among market participants. Many of the big winners from the past two years saw heavy selling pressure during today’s trading session.
By the close, the Dow Jones Industrial Average was down 151 points to finish the day at 42,392. The S&P 500 was down 13 points to close at 5,868. The Nasdaq Composite Index was down 30 points to close at 19,280. Gold was up $31 to trade at $2,672 per ounce, while oil was up $1.46 to trade at $73.18 per barrel WTI.
Without making any major predictions, I do think that we will see more volatility this year. Last year was noted not only by stocks going higher but also for the lack of volatility throughout the year. We usually see at least a 10% or more downturn most every year at some point, but we didn’t experience that last year. My guess is that volatility will be ramped up this year. That’s ok, as that is more normal. Let’s just button our chin straps and buckle our seat belts for 2025 should be a very interesting year. We will be with you for every twist and turn.
Have a nice evening everyone.
Jim
