Friends
Yes, yesterday’s email was a bit sarcastic, but I think you got the point. If inflation is indeed the next thing to worry about, stocks might be one of the best places to hide. Anyway, after yesterday’s drubbing, stocks had a big bounce back today, despite a strong PPI number. It appeared that the Dow was going to recoup all of yesterday’s losses but, alas, it came up a bit short.
Nevertheless, by the close, the Dow Jones Industrial Average was up 433 points to finish the day at 34,020. The S&P 500 was up 49 points to close at 4,112. The Nasdaq Composite Index was up 93 points to close at 13,124. Gold was up $4 to trade at $1,826 per ounce, while oil was down $2.29 to trade at $63.79 per barrel WTI.
Have the bears successfully turned the tide already? Of course, we’ll have to see it play out, but it was encouraging to see some buyers step in after three days of selling. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
