Friends

 

If you want to understand why the financial markets are difficult to oversee and why Congress has such a difficult time designing legislation to do so, today’s Committee on Financial Services zoom testimony with the GameStop situation players was essential to that education. Simply put, very few of the folks asking questions have a clue as to the workings, much less the purposes of financial markets. But I digress.

 

Stocks slumped mightily in early trading but did recover some of those losses as the trading session wore on. By the close, the Dow Jones Industrial Average was down 119 points to finish the day at 31,493. The S&P 500 was down 17 points to close at 3,913. The Nasdaq Composite Index was down 100 points to close at 13,865. Gold was up $1 to trade at $1,773 per ounce, while oil was down $1.15 to trade at $59.99 per barrel WTI.

 

I know it’s been a difficult week for us here in Houston and in Texas in general. Hopefully you have your power back by now and your water is running. We have all been in this together and after tonight it looks like we will start to thaw out. Stay strong, the week is almost over.

 

Have a nice evening everyone.

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