The markets finished the week trading in mixed fashion. The Dow started off down over 400 points, but rebounded during the day and finished off 70 points and closed at 24,538. Tech stocks have continued to be the bright spot of the market as the NASDAQ gained 77 points and a little more than 1% today. The S&P also gained another half percent on the day.
Earlier today, President Trump sent another tweet regarding trade and tariffs. He stated that when you are losing billions of dollars in trade with virtually every country, trade wars are good and easy to win. The reaction was the early sell-off, but the fundamentals of the market continue to be strong, which was evident in the day’s recovery. Still, investors continue to get cautious amid the uncertainty. Like BTS, cash seems to be where some investors want to be until they can make sense of what the future holds. In addition, with Treasury yields becoming more attractive, other investors are choosing to take less risk and head to the bond market. Gold has also been a popular choice, as it rose another 1% and was at 1,321 when the market closed
Nordstrom recovered today after getting pummeled yesterday amid their earnings report. Nordstrom reported higher sales for the fourth quarter, but their bottom line did not benefit as their earnings declined by 50 million in comparison to the same quarter last year. The local retailer attributed it to new costs associated with the opening of new Nordstrom Rack stores as well as a new flagship men’s store in New York. Interestingly though, much of Nordstrom’s sales growth was due to online purchases. Nordstrom finished the day up over 5%.