By Markus Heitkoetter
Trading in the month of August has officially come to an end. And if you were keeping tabs, it was the worst month for stocks since May 2012 (S&P down 6.3%, DOW down 6.6%, and NASDAQ down 6.9%).
The S&P lost 0.8% today. With another 16.5 point decline the S&P ended the session at 1972.18.
The NASDAQ was the biggest loser of the day with a 1.1% decline. The NASDAQ lost 52 points and closed at 4776.51.
The DOW started the week with a 0.7% loss. The DOW dropped 115 points and ended the session at 16528.03.
Traders have been keeping a close eye on market corrections since the S&P, DOW, and NASDAQ all entered “correction territory” early last week. Although the 3 indices have since recovered, the DOW finished right above its correction level today (a drop of 10% or more from previous highs). A close below 16516.22 represents a 10% drop and correction for the DOW.
Crude Oil (CL) picked up right where things left off last week with another big up day. CL ended the day with a 8.6% gain, settling at $49.12 a barrel. CL was down as much as 20.8% in August. But with today’s rally CL finished the monthly of August with a 3% gain.
It was a lite day for the economic calendar with Chicago PMI coming in slightly lower than expected.
The economic calendar picks up a bit tomorrow with ISM Manufacturing PMI at 10:00am ET.