The bulls were able to penetrate the 1900 level on the S&P for a brief moment today, but very little enthusiasm followed and shares quickly fell back toward yesterday’s closing levels. Before the opening, the Retail Sales number for April was soft and below the consensus expectations, but there was very little market reaction to that data point. Stocks were able to hang onto slight gains by the close, but after yesterday’s advance, today’s results seemed disappointing.
By the close, the Dow Jones Industrial Average was up 19 points to finish the day at 16,715. The S&P 500 was up less than a point to close at 1897. Gold was down $2 to trade at $1293 per ounce, while oil was up $1.28 to trade at $101.87 per barrel WTI.
Let’s see if the bulls can reform and try to take that 1900 level on the S&P tomorrow. Both the Dow and the S&P did achieve new highs, but just on a fractional basis. Once again, a lot of noise, but not a lot of real direction.
Have a nice evening everyone.