The bulls finally ran into some resistance today. Stocks spent the day in negative territory, adding to their losses as the trading session wore on. The recent market leaders did cool off a bit today, but recent laggards fared worse. Seems there’s no sympathy for the economically sensitive stocks at this point.
By the close, the Dow Jones Industrial Average was down 396 points to finish the day at 25,890. The S&P 500 was down 34 points to close at 3,145. Gold was up $15 to trade at $1,809 per ounce, while oil was down $.32 to trade at $40.31 per barrel WTI.
So, basically we gave back yesterday’s gains. I wouldn’t read any more into today’s decline than I would into yesterday’s advance. With all the confusion both medically and economically, I would be surprised if market action wasn’t more like this. Continue to expect ebbs and flows.
Have a nice evening everyone.