Friends
Stocks spent the whole day in positive territory buoyed by good economic news including an impressive weekly jobless claims number, as well as a much better than expected Philly Fed index number (indicating an improving manufacturing sector). Once again, it seems that determining where the economy is heading is becoming more and more difficult as we get such mixed signals. Stocks on the other hand, are advancing as market participants seemed to have found peace with Fed actions, whether they may be tapering, standing pat, or adding stimulus.
For the day, the Dow Jones Industrial Average was up 78 points to close at 15,548. The S&P 500 was up 8 points to finish the day at 1689. Both the Dow and the S&P closed at new all-time highs. Gold was up $5 to trade at $1282 per ounce, while oil was up $1.62 to trade at $108.11 per barrel. It will be interesting to see if 1700 on the S&P provides a resistance level in coming days.
Dr. Bernanke’s testimony before the Senate Banking Committee was somewhat uneventful, other than the Senators all thanking the Fed Chairman for his service. It kind of felt like a retirement party (Dr. Bernanke will likely be done as Fed Chairman at the end of the year so this will be his last appearance before Congress) for Dr. Bernanke. Earnings reports have also been somewhat mixed so far this earnings season. Let’s see how the week ends tomorrow.
Have a nice evening everyone.
