Neither the bulls nor the bears seemed very interested in today’s stock market action. Volatility was very low and volume was light as stocks drifted mainly in positive territory for the entire session. The bears thought they might have something going before the market began trading as futures were pointing lower, spurred by losses overseas, but the down move never materialized.
By the close, the Dow Jones Industrial Average was up 20 points to finish the day at 16,511. The S&P 500 was up 7 points to close at 1885. Gold was up a fraction to trade at $1293 per ounce, while oil was up $.62 to trade at $102.64 per barrel WTI.
It is a very quiet week in terms of earnings reports but we will get some economic data later in the week, including the weekly unemployment claims number which has been improving lately, PMI Manufacturing Index, Existing Home Sales and Leading Indicators all on Thursday. We’ll have speeches by several Fed Presidents throughout the week (including Janet Yellen on Wednesday). Let’s see how the week unfolds.
Have a nice evening everyone.