It appeared that after yesterday’s rally, buyers simply were not to be found today as stocks drifted into negative territory for the entire session. Oil didn’t help the situation as once again the black gold continued to trend lower. Finally, earnings continue to disappoint as there seems to be two bad releases for every good one. Today’s earnings included a sterling report from Starbucks, while both McDonalds and UPS disappointed.
As for the markets, for the day the Dow Jones Industrial Average was down 141 points to close at 17,672. The S&P 500 was down 11 points to finish the day at 2051. Gold was down $5 to trade at $1295 per ounce, while oil was down $.91 to trade at $45.40 per barrel WTI.
This week, the ECB stole the show, and for a day or two, market participants applauded the efforts. We’ll get more earnings reports next week along with economic data that includes durable goods, Case-Shiller, new home sales, consumer confidence, jobless claims and finally, on Friday, our first look at 4th quarter GDP. We’ll let you know how it all plays out. In the meantime…
Have a great weekend everyone.