Friends
Out of the blue we got ourselves a nice little rally in stocks today. After the market looked a bit out of gas Monday and Tuesday, buyers seemed to come out of the woodwork today ready to buy just about anything. Yes, the momentum stocks saw some action, but today some sectors that had been left behind like banks and even retailers caught a little bit of a bid. All in all, a nice surprise for the bulls.
By the close, the Dow Jones Industrial Average was up 143 points to finish the day at 21,442. The S&P 500 was up 21 points to close at 2,440. Gold was up $3 to trade at $1,250 per ounce, while oil was up $.48 to trade at $44.72 per barrel WTI.
It’s not surprising to see stocks rally into a holiday (4th of July), but given what we had seen over the last several sessions, today’s action was surprising. The ECB seemed to walk back some of Mr. Draghi’s seemingly hawkish comments yesterday, so that helped set the early tone as stocks rallied overseas. But it will be very interesting to see if this was simply a one day affair, or have the animal spirits been aroused as the second quarter nears an end. Let’s see how the next two days play out.
Have a nice evening everyone.
