Stock prices faded today as traders are losing optimism that the Dow will hit 20,000 this year. Those taking profits are finding few buyers in a semi-holiday session with little macroeconomic news to move things.
Lacking a push from foreign stock markets, which were mixed today, US shares fell the most since the November election. At the close, the Industrials were down 111 to 19,834. Both the S&P 500 and the NASDAQ were down more, percentage wise, finishing at 2251 and 5439 respectively. Even harder hit were the Dow Transports, down 111 points or 1.2%.
Elsewhere, the dollar gained moderately, its index finishing at 103.31 – up 0.30. Crude oil gave back earlier gains to finish unchanged at 53.90/bbl., and bonds were solidly higher. The 10-year Treasury gained 13/32 and the 30-year added 28/32.
Precious metals benefited from weakness in stocks. Gold rose nearly $4, to $1142.60. Silver was up a nickel an ounce, although platinum and palladium couldn’t get ... Log in or subscribe to continue reading.