Friends
The bulls tried to rally the forces today, and for a brief moment this morning, we did have stocks parked nicely in positive territory. But the rally faded quietly for the remainder of the trading session leaving us with modest gains in the market averages, and a disappointed stable of bulls. On the economic front, new home sales surged in July as median prices fell a bit. Better prices and cheap financing seems to have stirred the animal spirits in those considering a new home.
As for stocks, by the close the Dow Jones Industrial Average was up 17 points to finish the day at 18,547. The S&P 500 was up 4 points to close at 2186. Gold was down $1 to trade at $1,342 per ounce, while oil was up $.62 to trade at $48.03 per barrel WTI.
Again, traders are very much anticipating Janet Yellen’s speech at Jackson Hole on Friday. Until then it appears that we will continue the boredom of the dog days of summer.
Have a nice evening everyone.
