Friends
After a difficult week for stocks the bulls were ready to place their buy orders from the opening bell this morning- adding to Friday’s recovery gains. Yes, we did see the FDA officially approve the Pfizer Covid-19 vaccine, but today’s move seemed more like bulls being afraid to miss buying the latest dip. By the way, last week’s dip has already been erased with market averages back at new all-time highs.
For the day, by the close the Dow Jones Industrial Average was up 215 points to finish the day at 35,335. The S&P 500 was up 37 points to close at 4,479. The Nasdaq Composite Index was up 227 points to close at 14,942. Gold was up $22 to trade at $1,806 per ounce, while oil was up $3.33 to trade at $65.47 per barrel WTI.
The recovery in stocks on Friday and today once again illustrates the durability of this market. There was plenty of reasons for stocks to sell off last week, but once again, buyers were waiting in the weeds to step in at the first sign of calm. The resilience is really amazing to see.
Let’s see how this week unfolds.
Have a nice evening everyone.
