Friends
The bulls finished off a good week of trading-totally reversing last week’s losses. Some dynamite earnings from Nike may have given market participants a glance at what we have in store as earnings season kicks off in a couple of weeks. We are likely to see companies report impressive earnings as a result of the great reopening of the economy. Of course, we’ll see if that is already priced in to stocks at these levels or will it be a catalyst to push the market averages higher.
As for today, by the close the Dow Jones Industrial Average was up 237 points to finish the day at 34,433. The S&P 500 was up 14 points to close at 4,280. The Nasdaq Composite Index was down 9 points to close at 14,360. Gold was up $2 to trade at $1,779 per ounce, while oil was up $.66 to trade at $73.96 per barrel WTI.
Utilities, staples and financials were the best performing sector today, which aren’t exactly the sectors you’d get excited about if you were a bull at the moment. Nevertheless, we continue to rotate through sectors while moving the market averages gradually higher. A bull has to love that action. Let’s see what next week has in store for us. Stay cool.
Have a great weekend everyone.
