The bears came back from the Labor Day weekend ready to go. The bulls, not so much. After a very nice gain for stocks in the month of August, share prices were weak from the beginning of trading this morning, but did recover some as the afternoon wore on.
By the close, the Dow Jones Industrial Average was down 31 points to finish the day at 17,067. The S&P 500 was down 1 point to close at 2002. Gold was down $20 to trade at $1266 per ounce, while oil was down $2 to trade at $93.06 per barrel WTI.
On the economic front, we got some strong manufacturing data from both the PMI Manufacturing Index and the ISM Manufacturing Index this morning. Tomorrow we get the ADP employment number and Factory Orders, Thursday we get Jobless Claims and the service sector ISM and PMI reports, and then on Friday we get the all-important Non-Farm Payroll number. It is a shortened trading week, but with lots of economic data. Let’s see how the new month gets started.
Have a nice evening everyone.