Friends
Stocks had a ugly reversal today as a nice rally based on perceived lessening of trade war tensions turned into a bit of a mess. Energy shares buoyed by higher oil prices remained up for the session, but technology, financials, industrials and materials all surrendered to the selling pressure.
By the close, the Dow Jones Industrial Average was down 165 points to finish the day at 24,117. The S&P 500 was down 23 points to close at 2,699. Gold was down $6 to trade at $1,253 per ounce, while oil was up $1.88 to trade at $72.41 per barrel WTI.
Very quietly the Dow is now down nearly 2.5% for the year. The S&P is still holding on to slight gains, but we now find ourselves back near the middle of our trading range. It doesn’t appear we are ready to break out to the aforementioned trading range any time soon. Headlines bounce us back and forth, but fundamentals are still solid for the moment. It will be interesting to see if the upcoming earnings season is properly priced in. Stay tuned.
Have a nice evening everyone.
