Once again stocks experienced an early selloff, followed by a slow recovery, and finally a late dip. But, when all was said and done the damage to the market averages has been muted so far. Frankly, the pause that we are seeing this week might actually be one that refreshes. We’ve noted the tug of war between those who are fearful of buying at all-time highs vs those who are fearful of missing out on a potential year end melt up.
For the day, the Dow Jones Industrial Average was down 54 points to close at 27,766. The S&P 500 was down 4 points to finish the day at 3,103. Gold was down $9 to trade at $1,464 per ounce, while oil was up $1.45 to trade at $58.46 per barrel WTI.
A week full of mixed results from retailers, along with mixed economic data has resulted in a slight pullback from the highs that stocks recently posted. Again, is this a pause that refreshes or the beginning of a pullback that could last into the holidays? Let’s first see how we finish out the week tomorrow.
Have a nice evening everyone.