Stocks were drifting along this morning, quietly minding their own business when all of a sudden, around midday, the bears came out of hibernation. The reason for the pullback was attributed to more bad headlines out of Iraq which include bombing from Syrian planes. Nevertheless the bulls seemed to be caught sleeping and the bears where able to force the action. On the economic front the Case-Shiller report showed growth in home prices slowing, but New Home Sales were up sharply. In addition, Consumer Confidence continues to climb higher.
Regardless, for the day the Dow Jones Industrial Average was down 119 points to close at 16,818. The S&P 500 was down 12 to trade at 1949. Gold was up $1 to trade at $1319 per ounce, while oil was down $.19 to trade at $105.98 per barrel WTI.
Even though we closed slightly off the lows of the session, this was the first real down day in a while. It will be interesting to see if the bears will be able to follow through tomorrow. Let’s see if the Durable Goods or GDP number gets anyone’s attention tomorrow.
Have a nice evening everyone.