We did have some volatility today, but it was in a much narrower range and quieter manner. An interview with Fed Vice Chairman Stanley Fischer in the late morning gave traders a couple of headlines to trade on, but as the afternoon wore on, buyers and sellers seemed to disappear and stocks drifted in negative territory until a last minute recovery. When all was said and done, the Dow and the S&P were actually up for the week, although it sure didn’t feel like it.
By the close, the Dow Jones Industrial Average was down 12 points to finish the day at 16,642. The S&P 500 was up 1 point to close at 1988. Gold was up $11 to trade at $1134 per ounce, while oil was up $2.83 to trade at $45.39 per barrel WTI.
It was quite a week for the stock market. After last week’s decline, a down opening on Monday was surely no surprise, but the wild action that took place over the next 4 days was stunning. Volatility is likely going to be with us for a bit as moves like the one we have just seen take time to exhaust themselves. After that, it’s up to the economy and corporate earnings. In the end that is what moves stock prices. We’ll catch our breath and perhaps have an adult beverage or two this weekend and be back at it on Monday.