S&P 500 Hits Resistance Levels and Fails Thanks to Beranke & Obama's Speech Tonight
Date: 9/8/2011
Stock Market Commentary Video: S&P 500 Hits Resistance Levels and Fails Thanks to Beranke & Obama's Speech Tonight. The Dow Industrial Average Closed at 11,295.81 down 119.05 points or (1.04%). The Nasdaq Composite Index closed at 2,529.14 down 19.80 points or (0.78%). The S&P 500 Index closed at 1,185.90 down 12.72 points (1.06%).
Precious metals performed well today, recouping a majority of yesterday's losses. Specifically, gold prices closed up 2.3% to $1859 per ounce while silver is gained 1.9% to settle at $42.45 per ounce. Commentary from ECB President Jean Claude Trichet, earlier this morning, provided the spark for precious metals. It was, however, a quiet afternoon for gold and silver as both contracts traded sideways below their respective session highs at $1868.70 and $42.73.
It was a very choppy session for crude oil, which settled lower by 0.3% to $89.05 per barrel. While this morning's bullish inventory data pushed futures to their best levels of the morning, a quick sell-off in mid-morning trade easily erased those gains. Crude oil spent the remainder of the session chopping around unchanged. Oct natural gas finished up 1.1% to $3.98 per MMBtu. This morning's in-line inventory data helped futures trade to their best levels of the session at $4.03, but those gains were all for naught after futures sold off heading into the close of pit trade.