Well, back down we went today, although things did improve in the later part of the trading session (the Dow had been down more than 330 points earlier in the day). The strength in the dollar not only hurts those overseas, but it also has an effect on the earnings of many domestic companies. Yes, a strong currency is certainly not a bad thing, but it does come with complications. Anyway, worries about weakness in Turkey, China and others continues to weigh on markets.
By the close, the Dow Jones Industrial Average was down 137 points to finish the day at 25,162. The S&P 500 was down 21 points to close at 2,818. Gold was down $20 to trade at $1,181 per ounce, while oil was down $2.19 to trade at $64.85 per barrel WTI.
The bears were growling at one point today, but the bulls regrouped and lightened the damage. Let’s see if the bulls did enough to head off the bears or are we beginning a leg back down within our yearlong trading range. Stay tuned.
Have a nice evening everyone.