Stocks went up today, then they went down today, then they went up today- well, you get the picture. Actually, a super earnings release from Walmart helped turn what looked like a negative open this morning into a positive one. Of course, Macy’s disastrous report yesterday caused pundits to declare the death of retail, but the Walmart results coupled with a very strong retail sales number this morning likely illustrates that retail in general is doing just fine, but box stores at the mall are a total mess. This morning’s better than expected productivity number combined with the way better than expected retail sales number might have taken a little out of the recession is coming/here sails, but the 10 Yr. Treasury note yield falling to 1.51% illustrates that the bond market is taking the other side of the trade.
Anyway, by the close, the Dow Jones Industrial Average was up 99 points to finish the day at 25,579. The S&P 500 was up 7 points to close at 2,847. Gold was up $4 to trade at $1,532 per ounce, while oil was down $.50 to trade at $54.73 per barrel WTI.
I guess the bulls can claim a small victory today, but the “rally” was feeble, and if my twitter feed is reflective, negative sentiment is still rampant. Though stocks were higher, the bears still have to feel pretty good about themselves as we head into the end of the week. We’ll let you know how this crazy week finishes out tomorrow.
Have a nice evening everyone.