Friends

It was another very volatile day for stocks. By midday, the Dow was down 800 points only to cut those losses significantly by 2:00 this afternoon. But by the close stocks were tumbling once again. Nasdaq actually moved into positive territory this afternoon after a sizable early morning loss. The markets have no idea what to do with all the headlines being thrown at it. Again, trader’s first reaction is to de-risk when they feel overwhelmed by the data.

By the close, the Dow Jones Industrial Average was down 670 points to finish the day at 42,520. The S&P 500 was down 71 points to close at 5,778. The Nasdaq Composite Index was down 65 points to close at 18,285. Gold was up $26 to trade at $2,927 per ounce, while oil was down $.01 to trade at $68.36 per barrel WTI.

The markets are sensing a slowing of the economy developing. Interest rates have fallen along with stock prices. Let’s see what the President has to say tonight. The markets will be watching closely.

Have a nice evening everyone.

Jim