Buyers just didn’t seem interested today. For the most part, it was a quiet day for the market averages, but it had a downward tilt to it. A minor spat between Treasury Secretary Mnuchin and Fed Chair Powell over some lending reserves that were designated in the Cares Act, that the Treasury Secretary wants to steer towards people and small businesses instead of leaving it in the Fed’s back pocket, set a sour tone for the trading session. The Fed liked having those extra nearly $500 billion in their bazooka should they need it. But, perhaps that money could be better put to use in the immediate future helping those desperately in need. (Looks like I took a stand there, doesn’t it?)
As for today’s trading, by the close the Dow Jones Industrial Average was down 219 points to finish the day at 29,263. The S&P 500 was down 24 points to close at 3,557. The Nasdaq Composite Index was down 49 points to close at 11,854. Gold was up $10 to trade at $1,872 per ounce, while oil was up $.43 to trade at $42.17 per barrel WTI.
It was another choppy week for stocks as headlines about vaccines battled with headlines about the virus blowing up around the country. Thanksgiving week is historically a good one for stocks, but this is 2020 after all, so anything is possible.
Have a great weekend everyone.