Friends
What worries? Monday’s “pullback” seems to be a distant memory just 2 trading sessions later. Sure, some pretty darn good earnings reports from corporate America have been helpful (but no real surprise), but when bond yields stopped plunging and recovered some, the stock market responded positively. On the medical front the narrative is developing that though the Delta variant is extremely contagious, it is hoped that it is not as potent and thus will result in fewer hospitalizations and deaths on a percentage basis. Whatever the case may be, stocks have recovered Monday’s mess in just 2 trading sessions. That is impressive.
For the day, the Dow Jones Industrial Average was up 286 points to close at 34,798. The S&P 500 was up 35 points to finish the day at 4,358. The Nasdaq Composite Index was up 133 points to close at 14,631. Gold was down $7 to trade at $1,804 per ounce, while oil was up $3.01 to trade at $70.21 per barrel WTI.
Ok, we sold off and then recovered it all. What is next? Well, if earnings continue to be stellar, which they should, that might be enough fuel to push stocks higher. Of course a negative health headline could always derail things momentarily as we saw on Monday. Let’s see how the rest of the week plays out.
Have a nice evening everyone.
