Friends
It was another extremely volatile day for stocks. News that things were softening of the trade front with China sent stocks soaring more than 300 Dow points at the opening of trading this morning. But a free for all at the White House between The President and Chuck Schumer and Nancy Pelosi turned a 300 point gain into a 200 point deficit in short order. Stocks then recovered to get back above break even, before finally giving in at the closing bell to additional selling pressure.
For the day, the Dow Jones Industrial Average was down 53 points to close at 24,370. The S&P 500 was down less than a point to finish the day at 2,636. Gold was down $1 to trade at $1,247, while oil was up $.71 to trade at $51.71 per barrel WTI.
On the economic front the PPI number was a little hotter than expected which might keep the Fed on track for a quarter point hike next week. But, the stock market still has time to influence the situation and if the past several sessions are any indication, we could still have a lot of zig zagging before next Wednesday. Oh my, these are fun times.
Have a nice evening everyone.
