Friend
Fueled by good earnings reports and despite a 4th quarter GDP number that came in a bit light, stocks continued to rip to new highs. Yes, the economic backdrop is good, but stocks seem to have a mind of their own right now. Any minor move down gets bought with vigor and the bears are simply a beaten down mess at the moment. The President got a rock star reception overseas at Davos amongst world industry and government leaders and is doing a victory lap as stocks soar to new highs on a daily basis.
For the day, the Dow Jones Industrial Average was up 223 points to close at 26,616. The S&P 500 was up 33 points to finish the day at 2,872. Gold was down $13 to trade at $1,349 per ounce, while oil was up $.64 to trade at $66.15 per barrel WTI.
This is the best start to the year for stocks since 1987.
Have a great weekend everyone.
