Traders were content to let the month coast into the closing bell as stocks drifted aimlessly for most of the trading session. With next week’s full calendar of economic news including Mr. Draghi and the ECB’s decision on interest rates and the employment numbers next Friday, interest and activity will likely be renewed as the new month of trading begins.
As for today, the Dow Jones Industrial Average was up 18 points to close at 16,717. The S&P 500 was up 3 points to close at 1923. Gold was down $7 to trade at $1249 per ounce, while oil was down $.74 to trade at $102.84 per barrel WTI.
As we say goodbye to May, we find ourselves wondering if the lack of activity and volatility that we have seen so far for 2014 is the calm before the storm (with negative connotations), or do we fall back on the old Wall Street adage “never sell a quiet market”. Perhaps as June and summer unfold we will get the answer. Stay tuned.
Have a great weekend everyone.