Fears of a global slowdown once again sent stocks lower today, but stocks bounced off the lows of the day and the S&P actually made it back to positive territory. It has been a difficult week for the market averages, but it comes as no real surprise. We were bumping up against major resistance levels on a technical basis, and on the fundamental side of the equation earnings growth seems to have dissipated evidenced by this mixed corporate earnings season we have been experiencing over the past several weeks.
For the day, the Dow Jones Industrial Average was down 63 points to close at 25,106. The S&P 500 was up 1 point to finish the day at 2,707. Gold was up $4 to trade at $1,319 per ounce, while oil was up $.02 to trade at $52.66 per barrel WTI.
Though it wasn’t a good week for the bulls, they almost have to feel like they escaped what could have been a much worse stretch of days. With most of earnings season behind us, market participants will likely focus on the possibility of the government shutting down again, and the never-ending political theater that we are likely to see for the next two years. Oh well, at least it’s the weekend. We’ll see what next week has in store for us.
Have a great weekend everyone.