Friends
Stocks took a pause today, and that may not be a bad thing after the run we’ve had over the past couple of weeks. Apple’s somewhat boring iPhone rollout, Eli Lilly and J&J ‘s drug trial pauses, and perhaps the realization that a stimulus deal may not happening before the election all could have contributed to the lack of enthusiasm for stocks today. But, again we’ve been pretty much straight up since the beginning of October, so a pause is not surprising.
For the day, the Dow Jones Industrial Average was down 157 points to close at 28,679. The S&P 500 was down 22 points to finish the day at 3,511. The Nasdaq Composite Index was down 12 points to close at 11,863. Gold was down $31 to trade at $1,897 per ounce, while oil was up $.81 to trade at $40.24 per barrel WTI.
Both JP Morgan Chase and Citi reported better than expected earnings, but no one cared. Though their stocks have been hammered, the banks are navigating this disastrous environment rather well, considering. Let’s see what tomorrow brings.
Have a nice evening everyone.
