Dow Masks Weakness


If we were just looking at the Dow Jones Industrial Average today, we might be tempted to say that it was a pretty non-eventful trading day. But the broader market averages had much more trouble, with the NASDAQ actually down by more than a percent. The Dow, not being the home of many high flyers was quiet for most of the session, whereas the NASDAQ is where many of the wild ones reside.

By the close, the Dow was down a modest 26 points to finish the day at 16,276. The S&P 500 was down a more ample 9 points to close at 1857. Gold was down $25 to trade at $1310 per ounce, while oil was down $.06 to trade at $99.40 per barrel WTI.

This is the last full trading week of the quarter (which actually ends next Monday), so it will be interesting to see what the traders have in store for us. On the economic front, we get the Richmond Fed Manufacturing Index tomorrow along with Case-Shiller, New Homes Sales and Consumer Confidence. On Wednesday we get the Durable Goods Number, and on Friday Personal Income and Consumer Sentiment. Let’s see how the week unfolds.

Have a nice evening everyone.

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