Stocks were mixed today as the NASDAQ, laden with some high flying growth stocks took a hit, while the Dow traded in positive territory. It is believed that growth fund managers are making room for the Alibaba (the large Chinese internet-based e-commerce company) IPO on Friday by selling shares in other growth names that have risen dramatically over the past year. Evidently, because of the lack of flow of new funds from investors, they don’t have room to add without selling things from their portfolios.
Anyway, by the close, the Dow Jones Industrial Average was up 43 points to finish the day at 17,031. The S&P 500 was down 1 point to close at 1984. Gold was up $2 to trade at $1233 per ounce, while oil was up $.57 to trade at $92.84 per barrel WTI.
The big items of note this week, are the 2 day FOMC meeting which begins tomorrow (market participants are looking for a change in the language about when interest rates could begin to rise), the Scottish independence vote on Thursday, and the very large Alibaba IPO scheduled to hit on Friday. We’ll keep you up to date on the proceedings.
Have a nice evening everyone.