The buzz word for 2015 has been volatility, and today was no different. After waffling back and forth from negative to positive territory in early trading, the bulls decided to step up to the plate and drove stocks higher as the afternoon wore on. What prompted this bargain hunting? Well, there really wasn’t much happening except that oil bounced a bit off its lows. Yes, the jobless claims number this morning was fantastic, but that would not usually move the market much. Whatever the reason, after that last couple of trading sessions, it was nice to see today’s bounce.
By the close, the Dow Jones Industrial Average was up 225 points to finish the day at 17,416. The S&P 500 was up 19 to close at 2021. Gold was down $30 to trade at $1255 per ounce, while oil was up $.10 to trade at $44.55 per barrel WTI.
Tomorrow we get our first look at 4th quarter GDP. As mentioned yesterday, analysts are looking for growth of about 3.2%. Let’s see how close the consensus is. Most likely we’ll see another volatile day of trading. Percentage wise, we really have not gone down that much in January, but the volatility has been massive.
We’ll check in with you tomorrow.
Have a nice evening everyone.