Friends
After a quiet morning, the bulls pushed stocks higher in afternoon trading with everyone’s darling Apple leading the way. Yes, Amazon, Google, Microsoft and Facebook all participated in the rally, but the big winners today were Zoom and Walmart. Zoom, well you know why, and Walmart because of the announcement of a new subscription service. When all was said and done the S&P 500 and Nasdaq were at new highs-again.
By the close, the Dow Jones Industrial Average was up 215 points to finish the day at 28,645. The S&P 500 was up 26 points to close at 3,526. The Nasdaq Composite Index was up 164 points to close at $11,939. Gold was down $1 to trade at $1,976 per ounce, while oil was up $.30 to trade at $42.91 per barrel WTI.
Again, not all stocks are participating in these rallies, but we have seen a bit more broadening out, and the more we see of that the better. It’s fine that Apple and Tesla go up every day, but we are more comfortable when some of the left behind names participate in the advance. I’ve seen silliness end poorly in 1987 and early 2000. We’ve had enough to deal with in 2020, we don’t need any more “excitement”. Stay tuned.
Have a nice evening everyone.
