November 5, 2018

Over the weekend the rest of the country went off daylight savings time so, for the next 4 months, the market opens at 7:30 Tucson time and closes at 2:00.  The S&P 500 did gain 2.4% last week as it tries to rebound from a dismal October and the market wanted to continue moving higher today but weakness in tech stocks weighed on the market in the early going.

The Dow opened +40

At the close:

  • DOW +191 to 25462
  • S&P +15 to 2738
  • NASDAQ -28 to 7329
  • OIL -.30 to 62.80 (5 month low)
  • GOLD +1 to 1230

In corporate news shares of Apple dropped nearly 7% Friday on disappointing guidance and lost another 3% today to a 3 month low after a second analysts downgrade of the shares. Software company Datawatch jumped 35% on news they will be acquired by Altair in an all cash deal valued 40% above Friday’s close.  Shares of food distributor Sysco lost 10% after the company issued a disappointing quarterly report.