Friends
Another interesting day in the markets led by another day of rising interest rates on the long end of the curve. The 10-year Treasury Note moved up to 3.07%, while the 30-year worked its way to 3.22%. I know, it doesn’t sound like that big a deal, but we haven’t seen the 10-year over 3% for a while. The rise in rates did help the bank stocks, which had been lingering while rates remained in the 2’s for past months. The Dow was the big winner today with the likes of Caterpillar and Boeing, along with big banks JP Morgan and Goldman Sachs doing the heavy lifting.
By the close, the Dow Jones Industrial Average was up 158 points to finish the day at 26,405. The S&P 500 was up 3 points to close at 2,907. Gold was up $5 to trade at $1,208 per ounce, while oil was up $1.31 to trade at $71.16 per barrel WTI.
Canadian marijuana stocks were all the rage during the trading session today with one in particular making a ridiculous move up and then back down triggering trading halts along the way. I guess the crypto currency jockeys have found a new horse to run into the ground. Things have been good for the bulls, but they don’t want to see this start to turn into silly season. Let’s keep an eye on it all.
Have a nice evening everyone.
