Friends
It was a rather quiet day of trading after yesterday’s drubbing of stocks, as traders did a little bargain hunting, but were not too interested in making a lot of new commitments before the weekend. I think more time was spent complaining about a little heat on the East coast than attention paid to the markets (boy they make a big deal out of a little hot weather- well I guess we look kind of foolish to them when we complain about “cold”).
Anyway, for the day the Dow Jones Industrial Average regained a little of yesterday’s losses as the average finished the day up 70 points to close at 12,644. The S&P 500 held the 1325 support level and finished the day up just shy of 10 points to close at 1335. Gold was up a little more than $8 to trade near $1573 per ounce, and oil bounced back a little finishing the day up $1.80 to trade at $80 per barrel WTI.
After all the hand wringing and negativity, the S&P finished the week with a modest loss of about ½ of a percent. I think the bulls can have a glass of wine on that one this weekend. Given the ambiguity from the Fed, and the rally we had leading up to Wednesday’s announcement, I could have seen a much worse week having developed. That is about all we can hang our hat on for today. Back at it on Monday.
Have a great weekend everyone.
