The stock market these days is like a movie that has a lot of action, but no plot. Once again today we were entertained by wild gyrations, as the Dow reversed an up over 100 point day and plunged into negative territory – only to recover in late trading to eke out a gain. Once again the NASDAQ was the underperformer today, weighed down by continued weakness in those momentum stocks.
By the close, the Dow Jones Industrial Average was up 32 points to finish the day at 16,550. The S&P 500 was down 2 points to close at 1875. Gold was mostly unchanged to trade at $1289 per ounce, while oil was down $.52 to trade at $100.25 per barrel WTI.
As I pointed out earlier, lots of action but no plot. Here we sit, more than a quarter of the way through the year, and market averages are about where we began. The bulls can’t seem to break through resistance, and the bears seem to throw everything but the kitchen sink at the market, yet haven’t been able to break it down. Let’s see how we end the week tomorrow. Hopefully we’ll discover a plot soon.
Have a nice evening everyone.