Stocks got off to a rocky start this morning as a disappointing retail sales number(perhaps because of dreadful weather throughout the country) combined with a lethargic weekly jobless claims number gave the bears something to chew on as trading began. But later in the morning buyers appeared and the bulls regained the upper hand. In a very surprising development, the averages are trying to recapture last year’s closing prices. If the bulls are able to recapture the old highs, the bears will have to rethink their plan of attack.
For the day, the Dow Jones Industrial Average was up 63 points to finish the day at 16,027. The S&P 500 was up 10 to close at 1829. Gold was up $6 to trade at $1301 per ounce, while oil was down $.08 to trade at $100.29 per barrel WTI.
It certainly appeared that stocks were in correction mode just a week or so ago (a correction is a drop of 10%), as the Dow was down more than 7% at the time, but recent trading sessions, though not very robust volume wise, are tossing a monkey wrench into the bears correction apparatus. Let’s see if the bulls can finish the week on a positive note tomorrow.
Have a nice evening everyone.