Friends
Traders showed up this morning looking to put some money to work as stocks rallied from the opening bell. Oil prices have crept higher in recent sessions, but that hasn’t really led to any real rally in energy shares. Nevertheless the bulls seem to be back in charge since last Wednesday’s selloff.
By the close, the Dow Jones Industrial Average was up 90 points to finish the day at 20,894. The S&P 500 was up 12 points to close at 2,394. Gold was up $7 to trade at $1,261 per ounce, while the aforementioned oil was up $.40 to trade at $50.81 per barrel WTI.
As earnings season has wound down, other than political headlines (which can appear at any moment), the next item in focus is the June FOMC meeting. Analysts expect the Fed to continue the tightening process and move the Fed funds rate up another quarter of a percent. We’ll have one more employment report before that, so there is still time for the Fed to be persuaded, and of course they could become concerned that the political climate could have an effect on economic activity. Anyway, let’s see how this trading week unfolds as we near the holiday weekend. Stay tuned.
Have a nice evening everyone.
