Friends
Another tick up in rates, along with the beating that Apple shares took for the second day in a row, set the tone for another down day in stocks. As the day wore on, buyers seemed to disappear leaving sellers on their own. Earnings continue to be good, but other things seem to be unsettling the stock market, namely rising rates, political headlines and worries that the economy is about to roll over.
By the close, the Dow Jones Industrial Average was down 202 points to finish the day at 24,462. The S&P 500 was down 22 points to close at 2670. Gold was down $11 to trade at $1,337 per ounce, while oil was down $.08 to trade at $68.25 per barrel WTI.
We have a heavy calendar of corporate earnings on tap for next week, so once again we get to see the report card of great American companies. But, even those that have been receiving straight A’s are not being reward in this unsettled market environment. Maybe that will change starting next week. We shall see.
Have a great weekend everyone.
