Friends
Despite worries about the raging Delta variant and the damage that it could inflict on the economy (not to mention human beings), stocks shook off some early morning weakness to post some nice gains by the close. There are a lot of conflicting signals/messages that investors are dealing with at the moment. Earnings have been great, economic numbers have been mostly good, but inflation is higher and longer term interest rates are much lower (which typically would not be seen as a positive for the economy).
For the day, the Dow Jones Industrial Average was up 278 points to close at 35,116. The S&P 500 was up 35 points to finish the day at 4,423. The Nasdaq Composite Index was up 80 points to close at 14,761. Gold was down $8 to trade at $1,813 per ounce, while oil was down $.63 to trade at $70.63 per barrel WTI.
Today’s rally was impressive given the lack of clarity in almost everything that we are dealing with at the moment. Let’s see if the bulls have something going here. Stay tuned.
Have a nice evening everyone.
