Friends
It was a bit of an odd day for the markets. Nasdaq, led by Amazon, Google, Facebook, etc. got off to a rip roaring start only to see things reverse about an hour into trading. Despite the momentum stocks falling into negative territory, the Dow and the S&P held onto small gains. I’d like to be able to tell you why the momentum stocks got off to such a good start, and what made them reverse, but I got nothin.
By the close, the Dow Jones Industrial Average was up 14 points to finish the day at 21,409. The S&P 500 was up less than a point to close at 2,439. Gold was down $12 to trade at $1,244 per ounce, while oil was up $.47 to trade at $43.48 per barrel WTI.
This is the last week of the quarter, so we might see some window dressing (perhaps that explains the initial surge in the momentum shares this morning – or not). Often, fund managers want to be holding the winners at quarter end and discard the losers so they don’t show up on the list of stocks that they own (silly, I know, but they do it- believe it or not). It’s a slow week for economic data, but we will get a couple of looks at the consumer via consumer confidence and consumer sentiment. Let’s see how the last week of the quarter plays out. Can you believe half the year is already behind us?
Have a nice evening everyone.
