Friends
With a nice industrial production number in their back pocket, the bulls tried to rally stocks numerous times today, but with little success. The market averages did finish in positive territory but it was a struggle, and quite frankly not very impressive. The shock of having the 10 year treasury note clear with conviction the 3% level and not give it back immediately, seems to be giving market participants a new ingredient to the investment mix to stew over.
By the close, the Dow Jones Industrial Average was up 62 points to finish the day at 24,768. The S&P 500 was up 11 points to close at 2,722. Gold was up a fraction to trade at $1,290 per ounce, while oil was up $.14 to trade at $71.45 per barrel WTI.
Today’s earnings report from Macy’s seemed to give life to the retail sector, with many of the better known names nearing or clearing new 52 week highs. Consumers might be discriminating, nevertheless they are spending. Even though the move is muted, the fact that the bulls have a new winning streak going is somewhat impressive given all the negativity permeating the market. It’s been hand to hand combat between the bulls and the bears this year, but the bulls have a very slight advantage at the moment.
Have a nice evening everyone.
