Friends
The first day of December started with a bang but ended with a whimper. By mid-morning the Dow was sporting a tasty 500 point rally. But by lunch time some of that advance had dissipated. Then we got what we knew was coming- a report about the first case of the Omicron variant in the U.S. Stocks lost all of their gains and then some as the market averages dove into negative territory. As we expected, the volatility continues.
For the day, the Dow Jones Industrial Average was down 461 points to close at 34,022. The S&P 500 was down 53 points to finish the day at 4,513. The Nasdaq Composite Index was down 283 points to close at 15,254. Gold was up $4 to trade at $1,780 per ounce, while oil was down $.75 to trade at $65.43 per barrel WTI.
So, we saw a nearly 1000 point negative swing in the Dow today. That is a very ugly reversal. Once again, this volatility is likely to continue at least for some days. Bond yields on the longer end of the curve moved lower once again. The pull for safety overriding the fear of inflation hurting bond prices for the moment. Stay buckled up, the ride is a bit bumpy at the moment.
Have a nice evening everyone.
