Friends
Stocks got off to a decent start for the week, but there did not seem to be much enthusiasm amongst the investment community. Bank stocks continued to lead the way and the beleaguered tech industry and selected growth stocks finally saw a bounce, but all in all it did not feel like we were hitting new highs. As of late, it really has been what you’re in as much as just being in when it comes to the stock market.
By the close, the Dow Jones Industrial Average was up 45 points to finish the day at 19,216. The S&P 500 was up 12 points to close at 2204. Gold was down $6 to trade at $1,171 per ounce, while oil was down $.63 to trade at $51.05 per barrel WTI.
Today’s ISM non-manufacturing number was better than expected and another strong data point on the economy as we wait for next week’s Fed meeting. There is not much in terms of raw data between now and then that would seem to deter the Fed from embarking on their next rate hike. Back to today’s stock action, though not thrilling, the bulls would take a slow climb into year end and be quite satisfied. We have quieted since the Trump surge, but the bulls still feel in charge for the time being.
Have a nice evening everyone.
