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Stressful Moment For Stocks
Independent Investment Management designed to protect and grow your wealth.
JIM CARLTON
Managing Director
Chief Investment Officer
Friends
Despite some good earnings reports, such as the one delivered by Microsoft after the close yesterday, stocks just could not overcome the wave of disturbing news concerning the coronavirus continuing to blow up in the U.S. and Europe. Add to that, that this week saw the possibility of a stimulus deal before the election go out the window, and of course concerns over the election and possible political instability and stocks are really facing some headwinds.
For the day the Dow Jones Industrial Average was down 943 points to close at 26,519. The S&P 500 was down 119 points to finish the day at 3,271. The Nasdaq Composite Index was down 426 points to close at 11,004. Gold was down $33 to trade at $1,878 per ounce, while oil was down $2.28 to trade at $37.29 per barrel WTI.
Tomorrow, before the open we’ll get a look at 3rd quarter GDP and it’s expected to be a big number (30% plus). Then after the close we get earnings from the likes of Apple and Amazon. We are in a volatile moment for the markets, but it comes as no surprise. It’s part of process and we are prepared. Stay tuned.
Have a nice evening everyone.
Jim