Friends
Stocks rallied today on the hopes that the U.S. may not have to get involved in the Syria conflict, at least for the moment. The President will fill us in tonight, but the feeling among traders seems to be that the President may have been presented an out with Syria offering up their chemical weapons to the international community. In other news, for those keeping score at home, three new stocks will be added to the Dow Jones Industrial Average (Goldman Sachs, Nike and Visa) while three others will be removed (Bank of America, Hewlett Packard and Alcoa). Of course, Apple kept traders’ attention midday with the rollout of their new phones.
As for stocks, by the close the Dow was up 127 points to finish the day at 15,191. The S&P 500 was up 12 points to close at 1684. Gold was down $22 to trade at $1364 per ounce, while oil was down $2.22 to trade at $107.30 per barrel WTI.
We haven’t seen a couple of nice triple digit advances in a row for a while now, so despite the jitters over Syria, September is off to a very nice start. We’ll see how things look when market participants focus back on the economy and likely Fed actions. The data coming later this week will probably change the conversation. Let’s see if this September rally can continue.
Have a nice evening everyone.
