Well, that escalated rather quickly. After last week’s difficulties for stocks triggered by the President lighting the trade war tariff match, China’s threatened retaliations (and currency devaluation) along with unrest in Hong Kong sent stocks tumbling at the open of trading this morning. Tumbling turned into cascading by midday and continued into the afternoon. Though, we did recover some and closed off the lows of the day, it basically was a mess for the bulls. Interest rates around the world continue to tumble, adding to anxiety that the global economies are becoming less and less fixable, and central banks will have less and less effect on them.
By the close, the Dow Jones Industrial Average was down 767 points to finish the day at 25,717. The S&P 500 was down 87 points to close at 2,844. Gold was up $15 to trade at $1,473 per ounce, while oil was down $.81 to trade at $54.85 per barrel WTI.
Very quickly, the S&P 500 is down 6% from the all-time highs, and if you look back exactly one year the S&P is basically flat. But, of course, we’ve had a lot of action between now and then, not to mention a lot of anxiety and a few thrills. Wow, this is just Monday! Buckle up for the week ahead. We’ll let you know how it all unfolds.
Have a nice evening everyone.