While market participants waited for Alibaba to begin trading today, early action in the trading session was positive due to the “NO” outcome in Scotland as the move for independence failed for the moment. Finally, in late morning trading, Alibaba (the largest IPO ever) did start trading well above the offering price. Unfortunately traders seemed to lose interest in the rest of the market and stocks fell to negative territory briefly, only to recover to post very modest Dow gains by the close.
As trading ended, the Dow Jones Industrial Average was up 14 points to finish the day at 17,280. The S&P 500 was down a fraction to close at 2010. Gold was down $8 to trade at $1218 per ounce, while oil was down $.43 to trade at $92.64 per barrel WTI.
We had a lot to deal with this week, with the Fed meeting, the Scottish Vote and the Alibaba IPO. All in all, stocks held in fine, bonds sold off a little and now we prepare for the next earnings season which begins in a few weeks. In the meantime, the bulls have the higher ground at the moment and the bears continue to be frustrated. Let’s see what next week has in store for us.
Have a great weekend everyone.