High volatility continues to be the theme with a record setting decline on Christmas Eve being followed by a record setting advance yesterday and this morning it was once again down with the Dow plunging to a 600 point loss late morning before a rally erased the entire loss by the close and the more widely followed S&P 500 is now up 3% for the week.
At the close:
- DOW +260 to 23,139 (900 point intraday reversal)
- S&P +21 to 2488
- NASDAQ +25 to 6579
- OIL -.80 to 45.40
- GOLD +5 to 1278
In corporate news shares of chip maker Nvidia have dropped more than 50% in the last 90 days and were lower today after RBC cut their price target by 15% BUT the new target is still 50% above last night’s close. Tech is the engine that drives the market and we need to see the tech selling run its course before the market can push dramatically higher.