The market experienced another day of volatility, as stocks started off the day in negative territory only to rally into a triple digit Dow gain. But by the close, stocks had retreated to post more modest gains. Market participants were hanging on every word that hedge fund manager David Tepper had to say on CNBC’s Squawk Box before the opening bell, as the hedgie indicated that he was basically flat at the moment, as he tries to figure out what a proper valuation for the market should be given reduced earnings expectations.
By the close, the Dow Jones Industrial Average was up 76 points to finish the day at 16,330. The S&P 500 was up 10 points to close at 1952. Gold was up $7 to trade at $1109 per ounce, while oil was up $1.42 to trade at $45.57 per barrel WTI.
Again, there is endless chatter in the media about whether the Fed will begin to raise rates next week. The good news would be that if they do move next week, maybe we can stop talking about it for ten minutes. Anyway, let’s see how the week wraps up tomorrow.
Have a nice evening everyone.