April 9, 2018
Intra-session volatility was apparent last week and is Monday's story as well as a 1.6 percent mid-afternoon surge for the Dow fizzled by the close to only a 0.2 percent gain at 23,979. This time the dip is news related as reports broke late in the session that the FBI had raided the office of Michael Cohen, a personal lawyer of President Trump.
On fundamentals, trade is the market's focus and the news is mixed with Trump in tweets expressing both confidence for a deal but calling Chinese tariffs for cars too high. Bonds and the dollar were little changed though oil gained more than $1 and is back over $63. Gold firmed slightly to $1,340.