Stocks slumped in relatively calm trading today as market participants continue to be a bit tentative given the tensions with Iran. Buyers did appear throughout the trading session, periodically keeping the damage contained, but there was not much conviction from the bulls or the bears.
By the close, the Dow Jones Industrial Average was down 120 points to finish the day at 28,583. The S&P 500 was down 9 points to close at 3,237. Gold was up $3 to trade at $1,572 per ounce, while oil was down $.69 to trade at $62.58 per barrel WTI.
After all has been said and done, stocks are actually up a tad for the first 4 trading days of the year (as measured by the S&P 500). It sure seems like there has been a lot of action, but it has basically led to nowhere as of today’s close. We’ll keep an eye on the global tensions, but also we’ll be watching employment reports with the ADP private payroll number tomorrow, and the all-important non-farm payroll number on Friday. Then of course we’ll be moving into corporate earnings season. Global tensions, impeachment proceedings, economic data, and corporate earnings- plenty to keep us busy in the first part of 2020. Stay tuned.