Friends
Stocks bounced back today as the contagion worries abated- at least for one day. Even though the shares did not react that well, Home Depot had a strong earnings report which seemed to push market participants to consider the retail sector. It’s been a good year for retail stocks and today was another good example with gains in Costco, TJ Maxx, Target and Walmart just to name a few.
By the close, the Dow Jones Industrial Average was up 112 points to finish the day at 25,299. The S&P 500 was up 18 points to close at 2,839. Gold was up $2 to trade at $1,201 per ounce, while oil was down $.05 to trade at $67.15 per barrel WTI.
Did the bulls stop the little run that the bears seemed to have been on? Well, we’ll find out of course, but the S&P is still more than 1% away from the January highs. Until those highs are surpassed we are still officially in the year- long trading range, and could slip lower if the bulls fail to overtake the 2872 resistance level on the S&P. Let’s see if the bears make a stand.
Have a nice evening everyone.
