Wow, this has been quite a week, with one day of trading still to go. After yesterday’s “the Fed’s going to save the world” rally, stocks took another sizable tumble today. Yes, the main concern is a global economic slowdown with Europe leading the way. The weekly jobless claims number was fine, but nothing could deter the sellers today. The recent day to day swings have been breathtaking, and the type we haven’t seen since the tumultuous 2011.
By the close, the Dow Jones Industrial Average was down a whopping 334 points to finish the day at 16,659. The S&P 500 was down 40 points to close at 1928. Gold was up $18 to trade at $1224 per ounce, while oil was down $2.07 to trade at $85.24 per barrel WTI.
Remember, we have not had any sizable pullback in more than three years, so we aren’t surprised that some disruption seems to be upon us. The tone of the market seems to change on a daily basis, but as we pointed out at our lunch this week, the internals have been breaking down for a while now. As you know we are always looking for the opportunity to buy some things on sale. Mr. Market seems to have begun slashing prices.
Have a nice evening everyone.