Market reaction: Initial happiness, followed by a shocking reality. "We're screwed!" was the soundbite of the day from those well-tailored gentlemen and women who trade stocks with your money for a living.
Since - like the eTrade advertisements say - your stockbroker's new car isn't going to pay for itself, the buyers and holders of stocks have once again been taken to the proverbial cleaners.
As we can clearly see from the Money Daily handy Dow scoreboard, "sell in May" is already in play.
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 |
At the Close, Wednesday, May 2, 2018:
Dow Jones Industrial Average: 23,924.98, -174.07 (-0.72%)
NASDAQ: 7,100.90, -29.81 (-0.42%)
S&P 500: 2,635.67, -19.13 (-0.72%)
NYSE Composite: 12,418.06, -74.96 (-0.60%)