Ok, I jinxed us, didn’t I? Stocks did really go down today. Actually, after a somewhat lukewarm jobs number (145,000 new jobs were created in December) stocks had another positive opening. But, as the day wore on it felt like the buyers just ran out of gas.
For the day, the Dow Jones Industrial Average was down 133 points to finish the day at 28,823. The S&P 500 was down 9 points to close at 3,265. Gold was up $6 to trade at $1,561 per ounce, while oil was down $.54 to trade at $59.02 per barrel WTI.
As we mentioned yesterday, things were beginning to feel a little frothy with regards to stocks, so we’ll welcome a little pause like today. Stocks are still up for the year to date, but I would prefer things cool down just a bit as we enter earnings season. Let’s first hopefully get some confirmation that these share prices are worthy of the advance they have seen. We’ll keep you up to date as earnings season unfolds over the next 3 weeks. Stay tuned.
Have a great weekend everyone.