Despite continued concern over the situation in Iraq, stocks managed to post small gains for the session as the week came to a close. On the economic front the PPI number was very benign and consumer sentiment came in a little more negative than expected. Nothing seemed to capture the attention of traders as volume was again light and volatility almost non-existent.
By the close, the Dow Jones Industrial Average was up 41 points to finish the day at 16,775. The S&P 500 was up 6 points to close at 1936. Gold was up $2 to trade at $1276 per ounce, while oil was up $.34 to trade at $106.87 per barrel WTI.
Oil prices, driven by events in Iraq, seem to be the driving factor in which direction the markets are moving in recent days and most likely that will continue into next week. In addition we have a Fed meeting to chew on next week. We will keep an eye on developments over the weekend and let you know how the week’s trading begins on Monday.
Have a great weekend everyone and Happy Father’s Day to all you fathers out there.