Friends
Tesla and Apple were strong out of the gate this morning, but as the trading session wore on, they handed the baton off to the rest of the market and a nice broader advance ensued. Apple actually has its stock split after the close today so it was able to hold on to a gain, but Tesla finally ran out of gas/power.
By the close, the Dow Jones Industrial Average was up 378 points to finish the day at 28,308. The S&P 500 was up 34 points to close at 3,431. The Nasdaq Composite Index was up 67 points to close at 11,379. Gold was down $13 to trade at $1,933 per ounce, while oil was down $.01 to trade at $42.33 per barrel WTI.
As we have mentioned, the stock market is on a journey of its own at the moment, divorced from the reality of a struggling economy, and fueled by Fed liquidity. We are encouraged when the advance broadens a bit, but investors seem to default to the same handful of growth companies over and over again. This has been an amazing year already, as we have endured a vicious quick bear market and then a remarkable recovering bull market. And, we still have four more months to go. Stay tuned.
Have a nice evening everyone.
