Friends
Easing tensions in Hong Kong overnight helped stocks get off to a good start this morning and the bulls were able to hold serve as the trading session wore on. The Fed’s beige book release this afternoon added to worries that trade tensions are causing consternation, at least in the manufacturing sector, but still the bulls were able to hold on to the day’s gains.
By the close, the Dow Jones Industrial Average was up 237 points to finish the day at 26,355. The S&P 500 was up 31 points to close at 2,937. Gold was up $7 to trade at $1,562 per ounce, while oil was up $2.32 to trade at $56.27 per barrel WTI.
Again, all eyes will be on Friday’s jobs report, but despite all the dour economic forecast and hand wringing from market pundits, stocks still remain only 3% off the all-time highs posted earlier this year. Certainly, the bulls should not be declaring any victories at this point, but considering all of the ammunition that the bears have had to work with, they sure haven’t been able to break this market. Let’s continue to watch the data and of course be aware of the never-ending headlines. Stay tuned.
Have a nice evening everyone.
