Courtesy of John Nyaradi.
Major markets and major index ETFs corrected slightly today after the stock market’s euphoric party yesterday
Major markets suffered a slight hangover today, as the S&P 500 dropped .57%, the Dow Jones Industrial Average dropped .18%, the NASDAQ dropped .46% and the Russell 2000 Index dropped .34%, after yesterday’s crazy Fed and Tech Sector induced Wall Street Party. The NASDAQ, in particular, partied very hard, so hard in fact that the NASDAQ reached its 11 year record high.
The major market index ETFs were hungover too as the SPDR S&P 500 ETF lowered .51%, the SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) dropped .12%, the PowerShares QQQ Trust Series 1 ETF (NASDAQ:QQQ) lowered .35% and the iShares Russell 2000 Index ETF shaved off .11%.
Today’s small market correction and hangover is likely nothing to fret about, as yesterday’s Fed action and Tech Sector party resulted in an above average day in addition to an already impressive week in the green. Unless Europe does not tank the world which it very well could, Fed voices and actions yesterday will likely give the bulls enough juice to continue charging for a while.
Gold ETFs were the only ETFs which did party today; the SPDR Gold Trust ETF (NYSEARCA:GLD) and the iShares Gold Trust (NYSEARCA:IAU) added about half a percent each.
Today’s mixed economic report cards probably added to the hangover symptoms of general markets, however the US economy minus the housing sector is still growing very slowly.
Bottom Line: Today was a quiet day on Wall Street as major markets and ETFs recovered from yesterday’s bash over the Fed announcements and Tech Sector earnings reports. Gold continued the party today anyways, and thankfully the economy is growing still as indicated by today’s economic reports. Europe was quiet today as well, even though it is still in the back of all of our minds.
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