Late Day Fizzle

Friends
It was a somewhat quiet and nondescript trading session until a report surfaced questioning the excitement around Moderna’s vaccine news yesterday. Traders seemed to seize the moment to take a few profits and stocks gave back a little of yesterday’s monster gains. On the news front, both Home Depot and Walmart had good earnings reports as expected, but there is some concern about the costs of complying with safety regulations going forward for retailers.
By the close, the Dow Jones Industrial Average was down 390 points to finish the day at 24,206. The S&P 500 was down 30 points to close at 2,922. Gold was up $14 to trade at $1,748 per ounce, while oil was up $.54 to trade at $32.36 per barrel WTI.
It’s not surprising that headlines, and particularly health headlines, can cause some quick short term movements as we navigate the Covid-19 waters in the weeks and months ahead. A little air got let out of the room this afternoon with the Moderna “news” so we’ll see if there is any leftover effect at tomorrow’s opening. Stay tuned.
Have a nice evening everyone.

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