It was a bit of a tug of war today between the bulls and the bears, as stocks meandered aimlessly throughout the trading session. Pundits continue to be concerned that the economy is slowing and that the rally we have seen since the first of the year has already priced in most of the good news for 2019. At 15-16 times earnings are stocks fairly valued? Well, of course how the earnings part of that equation develops throughout the year will be the determining factor.
As for today, by the close the Dow Jones Industrial Average was down 53 points to finish the day at 25,053. The S&P 500 was up 1 points to close at 2,709. Gold was down $6 to trade at $1,312 per ounce, while oil was down $.34 to trade at $52.38 per barrel WTI.
We still have more earnings to work through this week including Coca-Cola and Pepsico later in the week. In addition to the never ending political wrangling over the budget, and whether there will be a government shutdown again, we’ll get a look at job openings tomorrow (JOLTS), CPI on Wednesday, PPI on Thursday, and Retail Sales-also on Thursday. On Friday we get a look at Industrial Production and Consumer Sentiment. So, we have a busy week ahead. Stay tuned.
Have a nice evening everyone.