The market rallied more than 1% yesterday on belief China trade talks might be back on and opened nicely higher today on news China had taken steps to boost their sagging economy. However, plunging interest rates have been weighing on the market all month and another drop in rates today erased the early gains and sent the market lower.
At the close:
- DOW -121 to 25778
- S&P -9 to 2869
- NASDAQ -27 to 7827
- OIL +1.30 to 55
- GOLD +16 to 1542 (6 year high)
In corporate news shares of Johnson and Johnson were 1.8% higher despite an Oklahoma jury ordering the company to pay $572M for their part in fueling the opioid crisis, as the amount was a fraction of what some thought. Shares of food producers J M Smucker dropped 8% after reporting revenue and net income well below expectations. They are blaming it on more competition in the dog food space.