The stock market took a well-deserved pause today, as a small early morning rally dissipated midday, only to see stocks drift along for the remainder of the session. There was not a lot of data or headlines for market participants to trade on, and quite frankly the bulls looked like they were a little out of gas, after the last couple of weeks of gains.
By the close, the Dow Jones Industrial Average was up 15 points to finish the day at 17,122. The S&P 500 was virtually unchanged to close at 2000. Gold was down $2 to trade at $1283 per ounce, while oil was down $.03 to trade at $93.83 per barrel WTI.
We get revised 2nd quarter GDP, Jobless Claims and Pending Home Sales tomorrow, then Personal Income and Outlays (Spending), Chicago PMI and Consumer Sentiment on Friday. I am not sure that either the bulls or the bears want to take much of a stand before the Labor Day break. We’ll see how the next two days play out.
Have a nice evening everyone.