Friends
It was another good day for the bulls, as all of the major indexes participated in the rally. For the second day in a row the tech heavy Nasdaq was the big winner. We noted that the growth darlings were getting way oversold in a relatively short period of time, but the speed of the moves in these modern times is simply breathtaking. Both the Dow and the S&P also participated in the rally, so the bulls were able to enjoy a very broad based move to the upside.
By the close, the Dow Jones Industrial Average was up 188 points to finish the day at 32,485. The S&P 500 was up 40 points to close at 3,939. The Nasdaq Composite Index was up 329 points to close at 13,398. Gold was down $1 to trade at $1,721 per ounce, while oil was up $1.64 to trade at $66.09 per barrel WTI.
With the 10 Year note yield hovering around 1.50%, market participants have calmed down a bit with regards to the anxiety over the speed of the rising interest rates in the last few weeks. It’s not so much the level of interest rates that had spooked traders (1.50% for 10 years isn’t that much to get excited about), but the speed of the move. If rates settle for a while, investors might be able to focus back on the positives of the great re-opening in the coming months. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
