Friends
After 8 straight down days in a row, the Dow Jones Industrial Average finally registered an up day. Now granted, the 8 straight down days did not even add up to a 2% loss on the index, but the direction was becoming a habit. A robust consumer confidence number and a seemingly refocused Republican Party meeting, helped spur the bulls into action as the morning portion of the trading session developed. Stocks did cool off a bit in the last hour of trading, but the losing streak had been comfortably broken by then.
By the close, the Dow Jones Industrial Average was up 150 points to finish the day at 20,701. The S&P 500 was up 16 points to close at 2,358. Gold was down $6 to trade at $1,249 per ounce, while oil was up $.63 to trade at $ 48.36 per barrel WTI.
Have the bulls put an end to the recent malaise filled trend? Well, trends nowadays might only last until the next political headline. In the meantime, it might be wiser to look past the never ending political wrangling and focus on the economic data which appears to be looking a bit better with regards to housing and consumer confidence. Let’s see if the losing streak is broken for more than one day. Stay tuned.
Have a nice evening everyone.
