Friends
Stocks topped off the tank today on a good week for the market averages. It was a somewhat subdued trading session, but given the action of the week that is not surprising. We did get the non-farm payroll number which came in as expected. The unemployment rate dropped to 6.3%, so I guess you could say it’s a little better, but still many are hurting. The President took the opportunity to announce that they will forge ahead with the $1.9 trillion dollar stimulus package, with or without the Republicans. So, coupled with the rumors of a pending infrastructure bill sometime later this year, we are almost sure to see a lot of government spending in the months ahead.
As for today, by the close the Dow Jones Industrial Average was up 92 points to finish the day at 31,148. The S&P 500 was up 15 points to close at 3,886. The Nasdaq Composite Index was up 78 points to close at 13,856. Gold was up $20 to trade at $1,811 per ounce, while oil was up $.74 to trade at $56.96 per barrel WTI.
So, it was a very good week for the bulls. Stocks rallied on Monday and never looked back as the week unfolded. As I mentioned yesterday, the bulls hold the high ground for now. Let’s see if the bears have anything to say about it next week. In the meantime let’s enjoy the Super Bowl.
Have a great weekend everyone.
