Friends
Despite a decent retail sales number, stocks moved lower today as traders continue to stress over the showdown in Washington, D.C. over the debt ceiling. Home Depot delivered a less than stellar earnings report which also didn’t help the bulls’ case. But the possibility of a government shutdown or even a default is a dark cloud that market participants just can’t ignore at the moment.
By the close, the Dow Jones Industrial Average was down 336 points to finish the day at 33,012. The S&P 500 was down 26 points to close at 4,109. The Nasdaq Composite Index was down 22 points to close 12,343. Gold was down $28 to trade at $1,994 per ounce, while oil was down $.45 to trade at $70.66 per barrel WTI.
I guess all eyes will be on Washington, D.C. and the ongoing budget debate. Yes, we go through this all the time, and each and every time it is very scary. Let’s hope calm, level heads prevail. Are there any calm level heads in D.C.?
Have a nice evening everyone.
