Stocks Retreat

Friends

That nice rally in stocks that we experienced after the Fed decision last week is more than gone at this point. As the end of the quarter approaches, it appears that traders are feeling a little jumpy. The Nasdaq in particular took it on the chin today and the high flying biotech sector saw some “re-pricing”. With the void of market moving events this week, market participants are left to imagine bad things happening as the summer approaches.

For the day, the Dow Jones Industrial Average was down 292 points to close at 17,718. The S&P 500 was down 30 points to finish the day at 2061. Gold was up $3 to trade at $1195 per ounce, while oil was up $1.44 to trade at $48.95 per barrel WTI.

Indeed, oil was the only real bright spot today as Middle East tensions helped stir a spike in crude prices. As for the rest of the market, well, as the quarter end nears we find ourselves back to about where we started in the market averages. Let’s see if the bears have something here, or will the bulls be right back buying the dip in a few days.

Have a nice evening everyone.

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