With the month of August now in the books, stocks appear to be treading water awaiting the jobs report on Friday before the Labor Day weekend. The Dow fell 59 points today finishing at 18,394 thanks in part to weak energy prices. Trading volume was higher and the rally remains under pressure. For the month of August the Dow posted an aggregate loss of 0.19%.
Shares of Twitter were up 5% today thanks to co – founder Ev “Electric Vehicle” Williams telling Bloomberg that the board must look at all options of enhancing the value of the company including the possibility of a buyout. There has been speculation over the past several months that Tweeter was a target since its stock has been trading lower than a snakes belly in a wagon rut. The company meanwhile is seen everywhere in the entertainment, news and political arenas yet declining growth rates in revenue and profitability have caused investors to jump ship over the past year. Will Twitter be bought out and if so by whom? When and if it does happen shareholders could be in for a sweet tweet provided they are offered more than just chicken scratch.
Oil prices have softened a bit lately and today a crude oil stockpile report showed an inventory build that was higher than expected. WTI crude closed off 3.3% to $44.81 per barrel. Gold continues to trade in lackluster fashion falling $4.80 an ounce to $1,311 per ounce.