Today’s market was fitting for a day when all the talk was about how we’re becoming Japan. It was very quiet, and we drifted lower.
But first, the scoreboard:
S&P 500: -4.8
- We’re in a bit of a weird spot right now, regarding the relative performance of Europe and the US. What’s new is that the news out of Europe in the morning is consistently good, while the news from the US tends to be kind of a drag. So, for example, there were plenty of good earnings/macro reports out of Germany today, but then we got our damp sqib of a jobless report.
- You know it’s quiet when the big story of the day was the release of an.. academic paper. Granted, the paper in question was written by Fed Governor James Bullard, and it was about how we’re turning Japanese. But still. That seemed to spook the market a little bit, though in the end, it didn’t have a gigantic impact in any real sense.
- Most other markets were pretty quiet. No huge moves in currency or gold to speak of.