Lack of Direction


Despite a small early morning rally, stocks never seemed to be able to find good footing today, as shares drifted along in negative territory as the trading session wore on. Other than a plea from former “bond king” Bill Gross for the Fed to bite the bullet and raise rates now, news was light as the media seemed focused on the Pope’s visit to the U. S.

By the close, the Dow Jones Industrial Average was down 50 points to finish the day at 16,279. The S&P 500 was down 4 points to close at 1938. Gold was up $5 to trade at $1130 per ounce, while oil was down $1.66 to trade at $44.70 per barrel WTI.

On the domestic economic front, the PMI Manufacturing Index reminds us the manufacturing sector remains somewhat slow as new order growth remains sluggish. It appears there is very little to light a fire under the bulls in the near term, let’s hope the bears are just as sanguine. We’ll see if the rest of the week holds any excitement.

Have a nice evening everyone.

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