As Fridays go, especially one in which the government reported 2.9% GDP growth, this one was particularly dull.
Perhaps the news that the FBI informed members of congress that they'd discovered new evidence (on former rep Anthony Weiner's phone, of all places) that gave rise to reopening the investigation of Hillary Clinton's use of a private email server while secretary of state, her ties with the Clinton Foundation, pay for play, etc.
Investors are already nervous heading into the election on November 8, but news like what was released on Friday - abundant in speculation and short on details - has to make one consider running for the hills, or at least the nearest bug-out location.
Maybe it's nothing, but people with money invested always prefer calm to confusion, and the past six months (some say eight years) have been hard to figure.
Consequently, on Friday, stocks were up, then down, then unchanged, finally finishing with a small decline.
For the week, the Dow was the only major index to offer a gain, though a mere .05%. That makes sense, as, compared to the other indices, the Dow is considered the safest, comprised of 30 strong, dividend-yielding companies. The others were down on the week and for the third time in the past four, the NASDAQ - unsurprisingly, the most volatile - took the largest percentage loss, at -1.28%.
Correcting a slight but relevant detail in a previous post, it was stated that Friday was the final trading day of October. The calendar says otherwise, with Monday being the 31st and the key date by which to measure the stock market's ability to predict the presidential election. Being correct 82% of the tie since 1944, the S&P 500 would have to rally more than two percent on Monday for the prediction to call the election for Hillary Clinton.
If the S&P closes below 2,173.60 on Monday, the market predicts the next president will be Donald J. Trump.
Dow Jones Industrial Average
18,161.19, -8.49 (-0.05%)
5,190.10, -25.87 (-0.50%)
2,126.41, -6.63 (-0.31%)
10,479.78, -23.28 (-0.22%)
Week ended 10/28
Dow: +15.48 (0.09%)
S&P 500: -14.75 (-0.69%)
NASDAQ: -67.30 (-1.28%)
NYSE Composite: -95.26 (-0.90%)