Stocks Lower Without Conviction

Friends

Stocks ended lower, but without much conviction. The revised GDP number came in exactly the same as the previous revision, up 2% for the 2nd quarter of the year, and the pending home sales number was better than last month. Once again, on the economic front, though not necessarily robust, the U. S. economy is “hanging in there” despite the stress we are seeing around the globe. (Notice I didn’t mention political headlines and tweets-I just can’t).

For the day, the Dow Jones Industrial Average was down 79 points to finish the day at 26,891. The S&P 500 was down 7 points to close at 2,977. Gold was down $1.40 to trade at $1,510 per ounce, while oil was up $.06 to trade at $56.55 per barrel WTI.

Tomorrow, we get a look at durable goods orders, personal income, consumer spending, core inflation and the consumer sentiment index. Hopefully, that is enough to distract us from tweets and headlines. Let’s see how the week finishes out tomorrow.

Have a nice evening everyone.

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