Friends
The Dow broke its eight day losing streak and was the star of the trading session led by energy shares and industrials. The S&P 500 was up but modestly, while the previous champion the Nasdaq actually was down a bit. There weren’t any market moving headlines today other than the OPEC decision to increase oil production which actually gave a boost to oil prices and energy shares (perhaps markets don’t believe that OPEC can get prices down).
By the close, the Dow Jones Industrial Average was up 119 points to finish the day at 24,581. The S&P 500 was up 5 points to close at 2,754. Gold was up $1.40 to trade at $1,271 per ounce, while the aforementioned oil prices were up $3.65 to trade at $69.19 per barrel WTI.
Seasonally, summertime is often not good to stocks, but as we have discussed, this market seems firmly entrenched in its trading range. Let’s see what next week has in store for us.
Have a great weekend everyone.
