Friends

It was a sloppy day for stocks after an early spike in the bond yields, but in the end the damage was minimal. Bonds did rally a bit as the trading session wore on, despite the Fed minutes indicating that Fed officials see a rate hike before year-end.

As for stocks, by the close the Dow Jones Industrial Average was down 341 points to finish the day at 51,179. The S&P 500 was down 17 points to close at 7,801. The Nasdaq Composite Index was down 61 points to close at 27,538. Gold was down $55 to trade at $4,132 per ounce, while oil was down $.48 to trade at $88.96 per barrel WTI.

The direction of oil and interest rates will probably guide stocks until we get into earnings season which begins next week. In the meantime, we’ll let you know how the rest of this week plays out. Stay tuned.

Have a nice evening everyone.

Jim