Friends
After yesterday’s pullback, it wasn’t surprising to see that stocks were going to continue to the downside at the opening today. But after a 127 point drop in the Dow, stocks began to recover. As the day wore on stocks continued to climb and by the close the Dow was sporting a healthy gain. Quite a reversal, and one that seemed to come out of nowhere.
At the close, the Dow Jones Industrial Average was up 78 points to finish the day at 17,918. The S&P was up 11 points to close at 2099. Gold was up $9 to trade at $1,368 per ounce, while oil was up $.68 to trade at $47.28 per barrel WTI.
Remember, we get important jobs data both tomorrow and Friday. Today’s FOMC minutes were of no consequence and gave no new insight into what the Fed has in store for the remainder of 2016 and beyond (they don’t know themselves what they are going to do). On the bright side, both the ISM non-manufacturing number and the PMI Services Index were better than expected, so that continues a string of stronger than expected data. You’ll have to look hard to find that positive information on the business channels. Anyway, a surprising reversal day leads us into jobs data. Let’s see how the next couple of days play out.
Have a nice evening everyone.
