On this the second day of trading for 2014, stocks saw a little more volatility as the bulls stepped up to the plate in the early afternoon pushing the Dow up 70 points, only to back away once again in the last half hour of trading. With the weather problems on the East Coast, many a trader had a snow day today, so volume was light. The players should all be back in place on Monday and we might get a better gauge as to what we have in store here in January.
For the day, the Dow Jones Industrial Average was up a modest 28 points to close at 16,469. The S&P 500 was down a fraction to finish the day at 1831. Gold was up $10 to trade at $1236 per ounce, while oil was down $1.25 to trade at $94.19 per barrel WTI.
We will be entering earnings season over the next few weeks, so we will be able to gauge if current prices will be supported by actual earnings, or are we susceptible to some price dislocation due to some expansion in P/E ratios in 2013. We’ll also get the employment picture next Friday when the Government releases the non-farm payroll numbers. 2014 really kicks off next week. Buckle up.
Have a nice weekend everyone.