It appeared for most of today’s very quiet trading session that the drift lower that we have seen this week was going to continue. Indeed, stocks fell in early trading, but as the afternoon wore on the losses dissipated. Perhaps, as we mentioned, the shorts/bears decided to cover before the three day weekend, or maybe a few brave souls decided to buy this rather modest three day dip. Either way, it was quiet, as it has been all week.
By the close, the Dow Jones Industrial Average was up 13 points to finish the day at 17,515. The S&P 500 was down a fraction to close at 2035. Gold was down $5.30 to trade at $1,218 per ounce, while oil was down $.16 to trade at $39.63 per barrel WTI.
The thing that seemed to change the tone of the markets this week was the strengthening dollar which appeared to be buoyed by hawkish comments from Fed officials (market participants have clamored for transparency when it comes to the Fed, thus a classic case of beware what you ask for- you may get it). It might be time for all these Fed officials to zip it for a while. Let’s see what the markets have in store for us after the three day weekend. Remember, we are closed tomorrow for Good Friday.
Have a great weekend everyone. Happy Easter!