After being down over 200 Dow points midday, stocks rallied into positive territory by late afternoon. The reason for the turnaround was somewhat vague, as the situation in Greece didn’t seem to be getting any better, and China is still trying to stem the tide of its falling market. Nevertheless traders stepped in right near the 200 day moving average on the S&P and decided to do a little buying.
At the close, the Dow Jones Industrial Average was up 93 points to finish the day at 17,776. The S&P 500 was up 12 points to close at 2081. Gold was down $17 to trade at $1155 per ounce, while oil reversed its losses and ended the day higher up $.70 to trade at $53.23 per barrel WTI. The 10 year Treasury note finished trading at a yield of 2.25%.
It looks like the reversal was technical in nature today as stocks were bumping up against long term support levels. Once they seemed to hold for a bit, buyers stepped in looking for a bounce off support. Let’s see if there is any follow through to today’s reversal as the week progresses. Stay tuned.
Have a nice evening everyone.