Friends
The bulls to Mr. Bigshot Money Manager. “Ok, Mr. Bigshot Money Manager, you keep harping that Tesla, Apple, Zoom and a few others are carrying the water for the market averages. Tell you what we’ll do. We’ll sell those stocks today and buy everything else. What do you think of that?” Indeed, some of the favored darlings actually saw selling pressure today, and most everything else was up. The bears at this point are nothing more than road kill.
Stocks rallied early and continued to add to their gains as the trading session wore on. By the close, the Dow Jones Industrial Average was up 454 points to finish the day at 29,100. The S&P 500 was up 54 points to close at 3,580. The Nasdaq Composite Index was up 116 points to close at 12,056. Gold was down $30 to trade at $1,949 per ounce, while oil was down $1.24 to trade at $41.52 per barrel WTI.
Despite a weaker than expected ADP private payroll number today, the bulls continue to charge and are firmly in control of the situation. We’ll see if that weaker ADP number translates to a weaker jobs number on Friday. In the meantime, keep your arms and legs inside the vehicle. This is quite a ride.
Have a nice evening everyone.
