Despite a benign jobless claims number and an OK Personal Income and Outlay report, the bears got the upper hand in early trading and stocks tumbled 80 Dow points as the session began. But while the bears were watching the U.S. lose to Germany in the World Cup Soccer match (but still advance to the next round) around midday, the bulls staged a minor rally and cut the losses by the close of trading.
For the day, the Dow Jones Industrial Average was down 21 points to close at 16,846. The S&P 500 was down 2 points to finish the day at 1957. Gold was down $5 to trade at $1316 per ounce, while oil was down $.93 to trade at $105.57 per barrel WTI.
For those market participants who have been complaining about quiet markets (I’m fine with it by the way), at least we have had some intraday volatility this week. Just two trading sessions left in the second quarter. Let’s see how the week ends tomorrow.
Have a nice evening everyone.