Stocks meandered in negative territory for most of Monday’s trading session, with no real catalyst for traders to act on. After all of last week’s economic data, this week will be much less interesting with Thursday’s weekly jobless claims and Friday’s retail sales report being the only highlights.
As for today, by the close, the Dow Jones Industrial Average was down 25 points to finish the day at 17,111. The S&P 500 was down 6 points to close at 2001. Gold was down $11 to trade at $1256 per ounce, while oil was down $.39 to trade at $92.90 per barrel WTI.
With the lack of economic data, global headlines are likely to be the main market movers. On the other hand, perhaps we are due to drift through the remainder of the summer and early fall. Once again stocks aren’t cheap, but they really aren’t “overvalued” either. A drift that allows earnings to catch up with price movements would be welcome, but you know it’s never that easy.
Have a nice evening everyone.