Friends
The vaccine is being shipped, the first recipients have begun to receive their first shot, and stocks responded well in early morning trading. But, other than the tech heavy Nasdaq, stocks quickly gave up their gains and by the close the Dow and the S&P 500 had slumped into negative territory.
For the day, the Dow Jones Industrial Average was down 184 points to close at 29,861. The S&P 500 was down 16 points to finish the day at 3,647. The Nasdaq Composite Index was up 62 points to close at 12,440. Gold was down $12 to trade at $1,830 per ounce, while oil was up $.42 to trade at $46.99 per barrel WTI.
Perhaps it was a sell the news type of response today. Remember, stocks have had a gangbuster second half of the year and it has appeared we have run out of gas just a little bit in the last week. Of course, the lack of a stimulus bill out of Congress also seems to be weighing on market psychology. But, we’ve been dealing with that for months, so that is not really new. Let’s see if the bulls can hold the high ground as we work our way towards the 2020 finish line.
Have a nice evening everyone.
