T ’was a quiet day to end the week as the markets closed the trading session with a light volume pullback. The Dow shed 131 points to 18,261 on light trading volume. For the week the Dow had a net gain of 155 points or 0.86%. For the year the Dow is up about 4.8%.
Oil prices fell despite news that Saudi Arabia offered a major production concession to Iran ahead of an OPEC meeting in Algiers. The Saudi’s said they would cap production if Iran held output steady but the possibility of a deal was later squashed and WTI crude prices dropped 4% on the day to end the week at $44.56 per barrel.
Gold pulled back a few bucks to end a solid week of gains. Gold finished at $1,341 an ounce.
There is another hike with the Boy Scouts this weekend. We are hiking to Anderson Watson Lakes in the North Cascades. Hopefully it will rain and we will be miserable. There are about 15 lunkheads going on the hike and one beleaguered scoutmaster. God help us!