As traders like to say – risk happens fast. The elimination of a terrorist Iranian General overnight by the U.S. sent stock futures tumbling, and at the open of trading this morning stocks basically gave back all of yesterday’s gains. Some “dip” buyers did show up throughout the trading session, but market participants appeared to be content to take a wait and see approach given that the weekend is upon us.
By the close, the Dow Jones Industrial Average was down 233 points to finish the day at 28,634. The S&P 500 was down 23 points to close at 3,234. Gold was up $22 to trade at $1,551 per ounce, while oil was up $1.81to trade at $62.99 per barrel WTI.
It was quite a first couple of days of trading for the new year. As good as yesterday was for stocks, was as bad as things were today. Let’s see how things play out over the weekend. Maybe there will be more clarity come Monday morning.
Have a great weekend everyone.