After yesterday’s massive reversal, it was hard to tell just what we were in store for today with regards to the direction of share prices. After a somewhat “in line” retail sales number released before the opening bell, stocks began the session in slightly negative territory. But as the day wore on the market indexes worked their way into positive territory only to falter in the last hour of trading. In the end it was a mixed result.
For the day, the Dow Jones Industrial Average was up 5 points to close at 17,408. The S&P 500 was down 2 points to finish the day at 2083. Gold was down $9 to trade at $1114 per ounce, while oil was down $1.16 to trade at $42.14 per barrel WTI.
Besides the China devaluation story, the oil collapse of recent weeks is starting to become the predominant story. The lows from earlier in the year are being violated and causing concern that a new leg down is upon us. Let’s see how the week wraps up tomorrow.
Have a nice evening everyone.