Friends
Stocks suffered through another day of losses, with worries that Brexit, though still seemingly unlikely, might be gaining more traction, and of course there are still major concerns about global growth given that interest rates are zero or lower around the world. Of course the tragedy in Orlando Florida, like all of the acts of terror we have seen in recent times, tends to affect the psyche of people and how they view the future, including markets.
By the close, the Dow Jones Industrial Average was down 132 points to finish the day at 17,732. The S&P 500 was down 17 points to close at 2079. Gold was up $10 to trade at $1,286 per ounce, while oil was down $.31 to trade at $48.76 per barrel WTI.
Remember, the FOMC meeting begins tomorrow and concludes on Wednesday. It is very unlikely that we see the Fed move on interest rates at this meeting given the awful jobs number a couple of weeks ago, but perhaps we will get a clearer picture of what Janet Yellen and Co. have in store for the rest of the year (I did chuckle a bit while writing that). Let’s see how the week unfolds and if the bears have something sustainable developing here.
As a side note it was interesting to see a Wall Street Journal Headline today asking if this could be the most pessimistic bull market in history (we’ve been pointing this out for years by the way and discussed negativity as recent as last week).
Have a nice evening everyone.
