Let the crazy volatility continue. Perhaps it was the good showing of Joe Biden last night during the Super Tuesday elections, staving off communism, or perhaps it was a lack of a devastating corona virus headline, or maybe it was a delayed reaction to the Fed rate cut yesterday. Whatever the case, stocks had another major move today, and this one was to the upside, similar to Monday’s move.
For the day, the Dow Jones Industrial Average was up 1,173 points to close at 27,090. The S&P 500 was up 126 points to finish the day at 3,130. Gold was down $5 to trade at $1,639 per ounce, while oil was down $.13 to trade at $47.05 per barrel WTI.
We expected this volatility to continue, as it has, and what is even more impressive is the size of these moves. Heck, 2% is a small move nowadays. Today we had another monster 4% move. As we said, buckle up, it’s going to be a wild ride for the time being.
Have a nice evening everyone.