Stocks had a lousy day on this final trading session for April, as the selloff began at the opening bell and got worse as the day wore on. Traders seemed totally uninterested in doing any buying with all the mixed signals they have had to absorb this week. Oil is rocketing to the upside, bonds have sold off, and after an awful GDP number yesterday, the weekly jobless claims number was actually very good today. Wages even seem to be rising. It’s not hard to see why market participants are totally confused and decided to hit the pause/sell button for a moment.
By the close, the Dow Jones Industrial Average was down 196 points to finish the day at 17,839. The S&P 500 was down 21 points to close at 2085. Gold was down $27 to trade at $1182 per ounce, while the aforementioned oil was up $.94 to trade at $59.52 per barrel WTI.
Once again, for the year we really haven’t done much of anything as far as the market averages are concerned. Sure we have had some ebbs and flows, but when all is said and done, the Dow is basically flat for the year. Let’s see how this week ends, and the new month begins tomorrow.
Have a nice evening everyone.