Friends
Markets continue to react to headlines out of Washington D.C., as stocks dropped in early trading after seemingly disappointing progress over the weekend. But as the day wore on, rumors of a compromise and an additional White House meeting sent stocks quickly back into positive territory. It looks like we are simply going to have to wait until a resolution is reached before we’re able to trust any of these short term moves.
By the close, the Dow Jones Industrial Average was up 64 points to finish the day at 15,301. The S&P was up 7 to close at 1710. Gold was up $4 to trade $1273 per ounce, while oil was up $.12 to trade at $102.14 per barrel WTI.
Earnings season begins in earnest this week, so we will start to get a read on corporate America over the next couple of weeks. Stocks have rallied over the last few sessions on hopes that a political deal is near. Let’s hope we don’t have a “sell the news” response once the deal is officially agreed upon. I am a bit concerned we are getting ahead of ourselves. Let’s hope my concerns are for naught.
Have a nice evening everyone.
