Friends
It was quite a month, despite the late sell off this afternoon. After a summer of discontent, the market averages entered the fourth quarter bruised and battered, confused about just what the Federal Reserve was going to do with interest rates, and staring down the barrel of a coming earnings season that was figuring to be a disaster. Well, as we know now, stocks rallied and the averages worked their way back to about break-even for the year. Bonds, as measured by the 10 year Treasury note finish October just about where they began the year also.
For the day, the Dow Jones Industrial Average was down 92 points to close at 17,664. The S&P 500 was down 10 points to finish the day at 2079. Gold was down $6 to trade at $1140 per ounce, while oil was up $.32 to trade at $46.38 per barrel WTI.
It would seem unlikely we would keep up the pace we set in October as the rest of the year unfolds, but at least the markets fought their way back to about even for the year. Who has the upper hand as we enter the last two months of the year? We’ll begin to find out on Monday morning.
Have a great weekend everyone.
