Online Stock Trading | Nasdaq and S&P 500 mark first distribution day in 3 weeks.

Nasdaq and S&P 500 mark first distribution day in 3 weeks.


Filed Under Market Commentary |

The gap down open was quickly erased by noon time.  Trading seemed to lighten up as the market awaited the FOMC meeting minutes.  If you have been on Investors Paradise with me you’d know that I am in agreement with MKM Partners’ Mike Darda.  Inflation remains a risk as there is still excess liquidity, it was no surprise that the FOMC highlighted this fact.  Once released, traders quickly digested the “inflation risks remain” statement and sold stocks.  Fueling the decline was news around 2:50pm EST was a small aircraft crashing into an apartment building*.  At the close, the market did climb off its lows but still marking a day of distribution.
 
Markets ended:
 
NASDAQ         -.31%
S&P 500         -.26%
S&P 400         -.22%
S&P 600         -.39%
NYSE comp     -.27%
 
* My condolences to the Lidle family.  My thoughts are with Corey Lidle’s family.  Although a Yankee, life is more important.  As a Sox fan I was deeply affected by the news.  Rest In Peace
 
Remember to enjoy each day of life, you’ll never know when it’ll be taken from you. 
 
MktSpec

Last 5 posts in Market Commentary

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.

Comments

Leave a Reply