Friends
Simultaneously we had the first day of impeachment hearings and Fed Chair Powell testifying on Capitol Hill. Neither seemed to stimulate any trading direction on Wall Street. Stocks meandered along and were slightly positive before a Wall Street Journal report that Phase 1 of the China trade deal might have already hit a snag – before it is even signed. Stocks fell slightly into negative territory, but by the close stocks were once again somewhat mixed. The Dow sported gains mainly due to a rise in Disney stock after news of the new subscription service having already signed up 10 million subscribers.
For the day, the Dow Jones Industrial Average was up 92 points to close at 27,783. The S&P 500 was up 2 points to finish the day at 3,094. Gold was up $10 to trade at $1,463 per ounce, while oil was up $.48 to trade at $57.28 per barrel WTI.
Yes, we are touching new highs each day, but we are doing so with little conviction in recent sessions. But, it’s been a great year for the bulls to date, and that is what matters.
Have a nice evening everyone.
