Rumor Sparked Volatility

Friends

Stocks experienced a bit of volatility today, seesawing between positive and negative territory and being influenced by the rumor mill. After a decent positive opening, news that the Iranians had seized a U.S. ship of some sort, sent stocks tumbling into negative territory. After it became apparent that it was a commercial vessel that the Iranians had seized, stocks rallied back into positive territory.

By the close, the Dow Jones Industrial Average was up 72 points to finish the day at 18,110. The S&P 500 was up 5 points to close at 2114. Gold was up $8 to trade at $1211 per ounce, while oil was down $.06 to trade at $56.93 per barrel WTI.

Tomorrow we get our first look at 1st quarter GDP, and the expectations are that it will come in at about a positive 1%. Needless to say, that is somewhat anemic and expectations are low. Remember, last year the first quarter which was very much influenced by bad weather, was a disaster also. The weather wasn’t much better this year either, hence the muted expectations. We also will get the FOMC statement tomorrow afternoon, so we have a lot on our plate as the week rolls on. Stay with us, we’ll let you know how it plays out.

Have a nice evening everyone.

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