Friends
It was a very good trading session for the bulls and nearly every sector of the market participated in the move higher. The move higher was already firmly in place by the time the President announced that a smaller bipartisan infrastructure deal had been hammered out, but stocks moved even higher during the President’s press conference.
For the day, by the close the Dow Jones Industrial Average was up 322 points to finish the day at 34,196. The S&P 500 was up 24 points to close at 4,266. The Nasdaq Composite Index was up 97 points to close at 14,369. Gold was down $8 to trade at $1,775 per ounce, while oil was up $.20 to trade at $73.28 per barrel WTI.
After suffering the worst week for stocks in months just last week, the bulls stepped in and have moved the market averages back towards new all-time highs. The perseverance of the stock market has been impressive for quite some time now and this week is just another example of how the lack of alternatives has kept stocks in favored territory (all apologies to the crypto participants out there). Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
