Stocks drifted somewhat aimlessly for the entire trading session today. The lack of volatility and/or interest in getting involved may simply stem from the fact that after the dramatic action that we have seen over the past 11 weeks, market participants simply need a rest. The Fed meeting and the ECB actions are now behind us, and of course with Good Friday, we are in a shortened trading week.
For the day, the Dow Jones Industrial Average was up 21 points to close at 17,623. The S&P 500 was up 2 points to finish the day at 2051. Gold was down $10 to trade at $1,244 per ounce, while oil was up $.47 to trade at $39.91 per barrel WTI (the May contract is well over $41 per barrel).
With the shortened trading week, and after the plethora of data that we’ve seen the last couple of weeks, this week will be someone quiet. We will get some manufacturing data tomorrow, new home sales numbers on Wednesday, durable goods and jobless claims on Thursday, and our final look at 4th quarter 2015 GDP (talk about old news) on Friday. All in all, not too much on the agenda. Let’s see if it’s a quiet week.
Have a nice evening everyone.