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Stocks opened lower on Monday and saw some stiff losses throughout the morning. The bulls stepped up and there was some afternoon buying with a late spike higher as the Dow ended the day with a 27-point loss, erasing most of the nearly 150-point loss it had earlier.
Stocks were mixed on Friday after a late rally erased most, if not all, of the the morning losses. The Dow gained 21-points while the S&P was flat, small caps were up strongly, but the Nasdaq was down on tech earnings. The dip buyers barely lasted an hour on Friday after the 100-point loss on Thursday and more weakness to start the day on Friday.
Stocks slipped on Thursday, taking a much needed break after rallying 7 of the prior 8 days. The ECB, the European Central Bank, left rates unchanged, as expected, and didn’t offer any new stimulus so stocks had a bit of a mini tantrum. ECB head Mario Draghi did leave open the possibility of future action. The Dow lost 114-points and we saw losses of about 0.5% or more in some major indices.
Stocks were up on Wednesday but there was some late selling and the Dow held onto a 43-point gain, off the triple digit gain it had at 3 PM ET. The S&P 500 almost lost all of its gains but held on to a +0.08% increase. Once again oil was up big, and the financial stocks also rallied and they seem to be the catalyst as earnings continue to be just OK.
Stocks continued their relentless march higher on Tuesday with another modest gain, although the indices were mixed with the Nasdaq falling on some tech earnings. Once again the buying began at the opening bell but yesterday the bears made a move pulling the indices into negative territory just afternoon ET. The dip buyers were not far away and jumped in to push the Dow and S&P back into the black. The Dow gained 49-points, which was about 50-points off the highs.