The bears had the bulls on the run again this morning and it appeared it was going to be a long ugly trading session. But as the day went on it seemed like the bears lost a bit of their bite and stocks gradually began to eliminate much of the morning’s losses. Trade Wars was the blockbuster hit that dominated the business airwaves, with the tariff defenders holding firm while the free trade rebels continued to attack the Death Star. I’ll let you figure out who is who.
By the close, the Dow Jones Industrial Average was down 70 points to finish the day at 24,538. The S&P 500 was up 13 points to close at 2,691. Gold was up $16 to trade at $1,322 per ounce, while oil was up $.43 to trade at $61.42 per barrel WTI.
Though the Dow did close down, it felt like a win for the bulls. It was ugly early (the Dow down 400 points) and looked like it was going to only get worse. Did the bears simply get bored and go home early for the day only to return on Monday morning? The Nasdaq was up over 1% for the day, so in the end it was a mixed result affair. Can’t wait to see what next week has in store for us.
Have a great weekend everyone.