Anxiety about opening up the economy and the possible health effects that may result seemed to weigh on stocks today. The virtual testimony of Dr. Fauci and others before the Senate set a different tone than one that has emanated from the White House recently. It’s not surprising that the medical community would be more concerned about virus spread, while the political community is concerned about economic damage. Nevertheless, as the afternoon wore on, stocks drifted lower.
By the close, the Dow Jones Industrial Average was down 457 points to finish the day at 23,764. The S&P 500 was down 60 points to close at 2,870. Gold was up $6 to trade at $1,704 per ounce, while oil was up $1.69 to trade at $25.83 per barrel WTI.
A day like today is no surprise. We are prepared for the ebbs and flows ahead, and it is a bit unnerving to have no idea how the reopening of the economy is going to fare. As we said yesterday, it’s going to be an interesting couple of weeks ahead, and no one really knows what we have in store. Stay tuned.
Have a nice evening everyone.