A Quiet Reversal

Friends

After a quick sell-off early this morning which saw the Dow down nearly 150 points, stocks (fueled by a better than expected ISM Non-Manufacturing number) rallied to finish the day slightly in positive territory. After the bulls were able to force the averages back into the green by midday, stocks drifted aimlessly for the remaining of the session.

At the close, the Dow Jones Industrial Average was up 17 points to finish the day at 16,530. The S&P 500 was up 3 points to close at 1884. Gold was up $7 to trade at $1309 per ounce, while oil was down $.32 to trade at $99.44 per barrel WTI.

On the economic front, in addition to today’s ISM number, we have Janet Yellen speaking at the Joint Economic Committee and the Senate Budget Committee on Thursday (other Fed heads Plosser, Tarullo and Bullard also give speeches on Thursday). Other than that, after last week’s fireworks (GDP and non-farm payroll), this week is somewhat quiet in comparison (unless Ms. Yellen surprises us). We’ll keep an eye on things and let you know how the week plays out.

Have a nice evening everyone.

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