Stocks were off to a nice start this morning, but a worse than expected ISM manufacturing number took the wind out of the sails of the bulls, and the bears put on the full court press as the trading session wore on. Shares of industrial stocks had been sporting nice gains in early trading, but took the brunt of the downturn after the disappointing economic release.
For the day, the Dow Jones Industrial Average was down 343 points to finish the day at 26,573. The S&P 500 was down 36 points to close at 2,940. Gold was up $14 to trade at $1,487 per ounce, while oil was down $.49 to trade at $53.58 per barrel WTI.
As I mentioned yesterday, stocks were up about 1.25% for the 3rd quarter, as measured by the Dow and the S&P 500, but today’s selloff just erased all that hard work in one day. Let’s hope we’re not beginning a 4th quarter similar to last years. Well, only time will tell. Stay tuned.
Have a nice evening everyone.