Friends
As bad as the momentum stocks have fared for the last week, is how good they looked today. Big moves is Google, Amazon, Netflix and Facebook led the Nasdaq higher. The banks also rallied on the move higher in interest rates which helped the S&P move higher.
For the day, the Dow Jones Industrial Average was up 56 points to close at 22,340. The S&P 500 was up 10 points to finish the day 2,507. Gold was down $14 to trade at $1,287 per ounce, while oil was up $.19 to trade at $52.07 per barrel WTI.
On the economic front the durable goods number was better than expected with a jump in capital goods. This number helped spur the bump up in the rate of the 10 year Treasury note. With two more trading days left in the quarter it will be interesting to see how certain sectors finish up. Will the momentum stocks continue todays snapback rally? Will fund managers keep adding to the strength in financials? Can energy shares hold their recent gains? Let’s see how the rest to the week plays out.
Have a nice evening.
Stay Strong Houston.
