I don’t know about y’all, but I feel a little nauseous having been on this stock market roller coaster this week. After yesterday’s mess, stocks rallied hard today, not quite recovering all of yesterday’s losses, but nice gains regardless. The final revision to 2nd quarter GDP was impressive, but that is now in the rear view mirror. Other than that, it just looked like traders were looking for some bargains after yesterday’s beating.
By the close, the Dow Jones Industrial Average was up 167 points to close at 17,113. The S&P 500 was up 16 points to finish the day at 1982. Gold was down $3 to trade at $1218 per ounce, while oil was up $.92 to trade at $93.45 per barrel WTI.
Volatility was the theme to this week’s trading. Soon we’ll be focusing on earning once again, as the end to the 3rd quarter is upon us. Let’s try to catch our breath and prepare ourselves for next week’s action. It will be hard to top this week.
Have a great weekend everyone.