Friends
Hot, hot, hot would best describe the economic data we got today. It’s probably no surprise that we are seeing record highs in home prices, but in addition to the boom in home prices we saw a better than expected rise in consumer confidence. The reopening has consumers feeling better and prices rising.
Stocks gave up early gains, but did hang on to post modest gains by the close. For the day, the Dow Jones Industrial Average was up 9 points to close at 34,292. The S&P 500 was up 1 point to finish the day at 4,291. The Nasdaq Composite Index was up 27.83 points to close at 14,528. Gold was down $19 to trade at $1,761 per ounce, while oil was up $.48 to trade at $73.39 per barrel WTI.
We close out the month and the quarter tomorrow. It has been a good quarter for stocks. We’ve seen rotation throughout the quarter, but in the end most sectors had their moment in the sun. Until today, the big established tech names finally had a little run. Early in the quarter it was the value names that carried the averages. Before we look ahead into the second half of 2021, let’s first see how the quarter ends tomorrow.
Have a nice evening everyone.
