Tuesday, May 8, 2018

Indecisive Market Flatlines On Slow News Day

Even with President Trump officially pulling out of the multi-nation Iran deal, stocks found no reason to go anywhere but sideways.

The Dow fell 146 points to the downside directly following the president's announcements, but a furious late-session rally brought it to a positive close.

Closing the book on the Obama administration's failed agreement with Iran, Trump plans to re-impose sanctions on Iran while working toward a more complete and lasting solution. while some panicky sellers showed their weak hands, short-covering picked up the pieces and left the markets just about where they started.

Outside of venal day-traders with some well-honed timing skills, nobody makes much on days like this, with volume hitting extremely low levels.

Dow Jones Industrial Average May Scorecard:

Date Close Gain/Loss Cum. G/L
5/1/18 24,099.05 -64.10 -64.10
5/2/18 23,924.98 -174.07 -238.17
5/3/18 23,930.15 +5.17 -233.00
5/4/18 24,262.51 +332.36 +99.36
5/7/18 24,357.32 +94.81 +194.17
5/8/18 24,360.21 +2.89 +197.06

At the Close, Tuesday, May 8, 2018:
Dow Jones Industrial Average: 24,360.21, +2.89 (+0.01%)
NASDAQ: 7,266.90, +1.69 (+0.02%)
S&P 500 2,671.92, -0.71 (-0.03%)
NYSE Composite: 12,520.25, +0.50 (0.00%)

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