That calm Monday that we had yesterday turned into a tumultuous Tuesday, as market participants decided that today was a day to sell. As we have pointed out for most of the year, the market seems to have amnesia from day to day and this week is shaping up no different. As we have seen earnings reported from 80% of the S&P 500 companies to this point, the common thread is reduced revenues but still decent bottom lines.
As for today, the Dow Jones Industrial Average was down 142 points to close at 17,928. The S&P 500 was down 25 points to finish the day at 2089. Gold was up $5 to trade at $1192 per ounce, while oil was up $1.50 to trade at $60.43 per barrel WTI. This is the first time we have seen oil above the $60 level since last December.
With most of earnings season behind us, the next focus for investors will be the jobs situation. We’ll get ADP tomorrow, weekly jobless claims on Thursday, and of course the non-farm payroll number on Friday. The 2015 roller coaster ride continues. Keep your hands and feet inside the ride please.
Have a nice evening everyone.