Financial Review

Let Them Eat Cake


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….Bannon blows out. Stocks drift lower. Continued WH fallout. China trade war in the offing. Corinthian student debt relief. Foot Locker falls. Chicken Soup-y IPO. Waiting on the Eclipse. Financial Review by Sinclair Noe for 08-18-2017   DOW – 76 = 21,674 SPX – 4 = 2425 NAS – 5 = 6216 RUT – 1 = 1357 10 Y – .01 = 2.19% OIL + 1.64 = 48.73 GOLD – 3.30 = 1285.20   Stocks drifted lower into the close, wrapping up a rough week. While the day’s losses were small, Friday marked the first time stocks haven’t risen the day after a more than 1 percent drop since Nov. 8. For the week, the Dow was down 0.8 percent, the S&P 500 was down 0.7 percent and the Nasdaq fell 0.6 percent. With a decline of more than 2 percent for the last two weeks, the S&P marked its weakest two-week period since before Trump was elected on November 8. The S&P 500 closed roughly 1 percent below its 50-day moving average, the furthest below that key technical measure since mid-April. Today also marked the eighth straight day in which the NYSE and Nasdaq had more stocks making new 52-week lows than highs.   Stocks started the trading session in negative territory then struggled into the green, with a sharp spike on word that Trump had fired chief strategist Steve Bannon; that news sent up a cheer on the trading floor of the New York Stock Exchange but stocks ...
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Financial ReviewBy Sinclair Noe