Friends
Wow, it was another day of wild trading. After being down sizable in early morning trading, stocks recovered to post impressive gains by the close. It was a day of strange bedfellows with the crazy stocks like GameStop getting a second wind (or is it more like 3rd, 4th or 5th wind) and many of the value names continuing to rally. Even among the tech heavy Nasdaq names things were mixed, as we seem to have entered an enhanced period of volatility and inconsistency.
By the close, the Dow Jones Industrial Average was up 424 points to finish the day at 31,961. The S&P 500 was up 44 points to close at 3,925. The Nasdaq Composite Index was up 132 points to finish the day at 13,597. Gold was down $5 to trade at $1,800 per ounce, while oil was up $1.54 to trade at $63.21 per barrel WTI.
What is consistent is the stance of Fed Chairman Jerome Powell. Once again, he made it clear to the markets that the Fed’s accommodative/dovish stance is not going to change anytime soon- despite the uptick in long term interest rates. Just when it looked like we were past earnings season and things might settle quietly, we all of a sudden have seen a jolt of adrenalin injected into the markets. We’ll keep you apprised as to how this heightened excitement in the markets all plays out. Stay tuned.
Have a nice evening everyone.
