Friends
For those market participants that were becoming worried that the recent rise in stocks was too much too soon, and had no basis in reality – well they can relax. Stocks spent the day in negative territory and the Dow led by Walmart (which was down 10% for the day) suffered the most damage. The bank earnings from the likes of JP Morgan and Bank of America took a backseat to the Walmart and other stories.
By the close, the Dow Jones Industrial Average was down 157 points to finish the day at 16,924. The S&P 500 was down 9 points to close at 1994. Gold was up $22 to trade at $1187 per ounce, while oil was down $.07 to trade at 46.60 per barrel WTI.
The bulls had a nice run for the past week or so, but today the bears growled. This earnings season is likely to give the bears plenty of ammunition, as revenues are stumbling and profits seem to be getting squeezed. On the economic front the retail sales number was not good, and the PPI number showed weakness in prices and the producer level. Buckle up, it could be a bumpy ride for the next couple of weeks.
Have a nice evening everyone, and good luck to the … oops never mind.
