Traders where monitoring closely Janet Yellen’s speech at Jackson Hole this morning, but nothing really new came from it. Stocks drifted aimlessly for most of the session, then this afternoon it was Mario Draghi’s turn to speak. Once again, no real reaction, but stocks did end up selling off a bit into the close. After several days of gains, it wasn’t surprising to see a little profit taking at the end of the week.
By the close, the Dow Jones Industrial Average was down 38 points to finish the day at 17,001. The S&P 500 was down 4 points to close at 1988. Gold was up $6 to trade at $1281 per ounce, while oil was down $.33 to trade at $93.63 per barrel WTI.
It was a good week for the bulls, and despite not being typically seasonally favorable, the summer has gone ok too. It would seem that the run up to Labor Day might be somewhat quiet as the summer winds down and kids start back to school, but of course global headlines could change that at any time. We’ll see if the bulls can hold onto the momentum for the rest of the summer.
Have a great weekend everyone.