Word of a truce between Russia and Ukraine had the bulls feeling a bit frisky at the opening, but the feeling didn’t last for long. Despite more positive economic data (strong Factory Orders, etc.), stocks gave up their early gains and drifted aimlessly as the afternoon wore on.
By the close, the Dow Jones Industrial Average was up 10 points to finish the day at 17,078. The S&P 500 was down 1 point to close at 2000. Gold was up $5 to trade at $1270 per ounce, while oil was up $2.42 to trade at $95.30 per barrel WTI.
As traders wait to see what European Central Bankers will do, we will get the ADP employment number tomorrow (it was delayed due to the shortened week) and of course the Non-Farm Payroll number on Friday. As this morning’s failed advance continues to show, these markets are driven by rumors and headlines, as much or more, than domestic economic reality these days. Let’s see what the rest of the week has in store.
Have a nice evening everyone.