Stocks seesawed a bit today spending most of the day in positive territory, although the market averages did dip into the red a couple of times. Much of today’s focus was on Fed Chair Powell’s testimony before Maxine Waters’ House Financial Services Committee. It’s painful to watch and I don’t know how the man is able to keep his composure. Nevertheless, not much new came from his testimony. Yes, they will monitor the coronavirus and what economic effects it may have, but other than that nothing particularly new.
As for the market averages, for the day the Dow Jones Industrial Average was basically flat for the day closing at 29,276. The S&P 500 was up 5 points to close at 3,357. Gold was down $8 to trade at $1,571 per ounce, while oil was up $.29 to trade at $49.86 per barrel WTI.
The Fed Chair gets to visit the Senate tomorrow where the questions are usually a little better anyway. In the meantime, stocks continue to forge higher despite the plethora of reasons for it not too. Let’s see what transpires tomorrow.
Have a nice evening everyone.