After the torrid three day rally, the stock market took a pause today to catch its breath. Let’s just hope it’s a pause that refreshes, not a “hit a brick wall”/ resistance type of pause. The trading action was light and volatility was non-existent during the trading session until the final minutes of trading (when stocks lost a little altitude), which was unusual considering the mayhem we have seen so far in 2016.
By the close, the Dow Jones Industrial Average was down 40 points to finish the day at 16,413. The S&P 500 was down 9 points to close at 1917. Gold was up $25 to trade at $1,236 per ounce, while oil was down $.24 to trade at $30.42 per barrel WTI.
Politics seemed to dominate the news cycle, whether it’s Trump dueling with The Pope, or competing pollsters showing inconsistent results. The other story dominating the business stations was Apple’s reluctance to invent a back door to their devices for law enforcement. Whatever the case, it was somewhat quiet in terms of business news. Let’s see how the week finishes out tomorrow. Can the bulls put an exclamation point on what could be a good week for them? We will see.
Have a nice evening everyone.