Stocks did actually suffer a down day today. Ok, it wasn’t much and there was very little volume or volatility, but stocks did actually spend most of the session in negative territory. All three of the economic data points were positive today. Existing home sales were better than expected, Chicago Fed National Activity Index showed strength, and PMI Manufacturing Index Flash was better than expected. Traders didn’t seem to care.
By the close, the Dow Jones Industrial Average was down 9 points to finish the day at 16,937. The S&P 500 down a fraction to close at 1962. Gold was up $1 to trade at $1317 per ounce, while oil was down $.66 to trade at $106.17 per barrel WTI.
On the economic calendar we get Case-Shiller tomorrow, along with New Home Sales and Consumer Confidence. Wednesday we get Durable Goods, PMI Services Flash and our final look at first quarter GDP revisions- which promises to be awful. On Thursday we get Weekly Jobless Claims and Personal Income and Outlays. So there is a lot on our plate as we enter the final days of the second quarter. Let’s see how the week plays out.
Have a nice evening everyone.