Stocks enjoyed another roller coaster ride today as an early rally fueled by potential corporate mergers, was undermined by a breakdown in the NASDAQ (fueled by another difficult day for the high flying momentum stocks) which took stocks well into negative territory. But as the session wore on, the bulls rallied the troops and stocks made their way back into positive territory. On the economic front the pending home sales index was actually a little better than expected, but traders seem focused on the potential risk that is the Russia/Ukraine conflict for the moment.
By the close, the Dow Jones Industrial Average was up 87 points to finish the day at 16,448. The S&P 500 was up 6 points to close at 1869. Gold was down $4.10 to trade at $1296 per ounce, while oil was up $.35 to trade at $100.95 per barrel WTI.
The earnings calendar is quite full this week, so if Russia doesn’t do anything drastic this week, perhaps market participants will focus back on corporate earnings reports. Then of course, at the end of the week we get the employment report. It should be a busy week. Stay tuned.
Have a nice evening everyone.