Friends
The rush of economic data began today with the release of the PPI (which was a little hotter than expected) and July’s Retail Sales number (which was definitely better than expected). Traders took their cue and bought stocks early, but as the day wore on the gains disappeared and we faded into the close. Yes, volume again was extremely light and as we mentioned yesterday, we are in the dog days of summer.
For the day, the Dow Jones closed down 5 points to finish at 13,172 while the S&P was down less than 1 point at 1403. Gold lost $10.40 to close at $1,602.20 and oil was up $.60 to end the day at $95.30 per barrel WTI.
Tomorrow, we get the CPI, Empire State Manufacturing, Industrial Production and Housing Market Index numbers. We’ll see what moves the markets and let you know how the day goes.
Have a nice evening everyone.
