Friends
Jerome Powell reminded us that the Fed is all in. In his speech this morning, the Fed Chair indicated that the Central Bank will moderate its view of inflation, should it rear its ugly head, and that interest rates are going to remain at zero for a long time. With this as a back drop, despite Speaker Pelosi indicating that there is no fiscal deal in sight, stocks continued the march higher. Good news from Abbott Labs about a rapid Covid-19 test also helped stir animal spirits among market participants, and light a bit of a fire underneath the reopening/economically sensitive stocks.
By the close, the Dow Jones Industrial Average was up 160 points to finish the day at 28,492. The S&P 500 was up 5 points to close at 3,484. The Nasdaq Composite Index was down 39 points to close at 11,625. Gold was down $13 to trade at $1,939 per ounce, while oil was down $.38 to trade at $43.01 per barrel WTI.
Though the tech heavy Nasdaq finally took a breather, the momentum is still to the upside as the bulls continue to hold the high ground. We will get that Apple split after the close tomorrow which will be interesting to watch. Let’s see how the week finishes out tomorrow. Stay tuned.
Have a nice evening everyone.
