I know, we’re all confused, but this was the first day of trading for 2015, although I don’t know how many traders were around to trade it. Stocks started off rallying well over 100 Dow points in early trading, but after some less than stellar economic news, stocks retreated to negative territory as the afternoon wore on. But in the last hour of trading, another reversal sent stocks back into neutral territory.
By the close, the Dow Jones Industrial Average was up 9 points to finish the day at 17,832. The S&P 500 was down a fraction to close at 2058. Gold was up $2 to trade at $1186 per ounce, while oil was down $.60 to trade at $52.67 per barrel WTI.
Keeping an eye on oil, if West Texas Intermediate breaks below $50 per barrel, a whole new leg down could occur. We’ll be watching. In the meantime, we’ll be back to normal come Monday, and market participants should be ready to begin the new year.
Have a great weekend everyone.