Well, we had another reversal today, unfortunately this was one that saw the market averages give up some hard earned early morning gains. Buoyed by seemingly more hawkish remarks from Fed Chair Yellen on Thursday afternoon (after she fumbled the ball last week), stocks got off to a rip roaring start as the trading session began (the Dow was up more than 250 points fueled by a big move in Nike after a good earnings report). But as the day wore on the Biotech sector of the market continued to weigh on the NASDAQ and stocks began to give back all of their earlier gains.
By the close, the Dow Jones Industrial Average did remain in the black as the blue chip index was up 113 points to finish the day at 16,314. The S&P was down a fraction to close at 1931. Gold was down $6 to trade at $1147 per ounce, while oil was up $.71 to trade at $45.62 per barrel WTI.
The other big news of the day besides the Pope’s visit was the resignation of House Speaker John Boehner. Some think that this will help avoid a Government shut-down, while others aren’t so sure. I’ll leave that to the political pundits to discuss. In the meantime, we are nearing the end of the 3rd quarter, and for the year most everything is down including stocks, bonds and gold. We’ll be back with you on Monday.
Have a great weekend everyone.