Friends
So much for going back to test the lows from earlier in the month. Stocks continue their impressive recovery from the 10% pullback we saw at the beginning of February. After Friday’s meaty gains, the Dow started off strong and added to the gains all through the trading session. A few more days like this and we’ll erase the memory of the correction altogether.
For the day, the Dow Jones Industrial Average was up 399 points to close at 25,709. The S&P 500 was up 32 points to finish the day at 2,779. Gold was up $4 to trade at $1,335 per ounce, while oil was up $.39 to trade at $63.94 per barrel WTI.
All eyes and ears will be on new Fed Chair Jerome Powell’s appearance in front of the House Committee on Financial Services. Will he deliver a more dovish speech than the markets had been expecting (until this recent surge, at least)? We shall see. After seeing the 10 year Treasury note yield move over 2.90% early last week, bonds have had a little rally with the 10 year now hovering near 2.86%. Let’s see if the revived bulls can keep the bears on the run as this week unfolds. Stay tuned.
Have a nice evening everyone.
