The market has been a little confused lately with big intraday swings the last few days. The nearly 200-point decline on Thursday morning was followed by a strong afternoon rally that recouped most of those losses, but the indices did close with modest losses. The Dow gave up 63-points while small caps lagged with a 0.53% decline.
It was quite a roller coaster ride for stocks on Wednesday as they rallied out of the gate in early trading and the Dow was up 117 by mid-morning. Comments from Donald Trump during a press conference about pharmaceutical companies sent bio-tech stocks plummeting and it triggered a "sell first, ask questions later", sell off. The volatility continued until about 1 PM when the buyers stepped up and took the indices toward intraday highs by the close. The Dow closed
Stocks were mixed again on Tuesday with the Dow shedding 32-points, the S&P 500 was flat, and the the Nasdaq was up solidly. Small caps and the Transportation Index had big days. Biotech stocks have been doing well helping the Nasdaq while recent weakness in the price of oil has held back the Dow and S&P.
Stocks opened lower on Monday morning and the indices really couldn't get any traction during the day, closing near the lows. The Dow lost 76-points with a similar percentage loss in the S&P 500. The Nasdaq bucked the trend as large tech stocks had a strong day but if you look deeper you will see that about 6 stocks were down on the Nasdaq for every 4 that were up so the large caps strength may be masking some internal weakness.
The media obsession with Dow 20,000 hit a frenzy on Friday as we came with 0.37 of hitting the milestone before peaking a dipping back some into the close. The large indices still ended the day with solid gains, the Dow added 65-points, while small caps were flat, and the I-fund was down because of a rally in the dollar.
S&P 500 (C fund)
||Dow Completion (S fund)
||EFA (I fund)
||Bonds (F fund)