Friends
Word that the trade war with China has been put on hold for the time being, and that a framework for a trade deal was being in the works had futures higher overnight and sent stocks higher at the open. Understandably, big industrial and technology names were some of the biggest winners as stocks tacked on a 300 point Dow gain early in the trading session. Stocks basically treaded water from that point on, but the bulls were at least able to hold onto to most of the early gains.
By the close, the Dow Jones Industrial Average was up 298 points to finish the day at 25,013. The S&P 500 was up 20 points to close at 2,733. Gold was up $.60 to trade at $1,291 per ounce, while oil was up $1.13 to trade at $72.41 per barrel WTI.
It’s not a big week for economic data though we will get a look at new home sales and durable goods numbers. But, with the Memorial Day weekend looming, traders might become more sedated as the week progresses. Of course, at any moment a headline can cause an instant disturbance in the Force. Stay tuned, we’ll let you know how the week plays out.
Have a nice evening everyone.
