Friends
Stocks bounced right back again today erasing some of yesterday’s damage and continuing the amazing volatility we have seen over the past few weeks. The beleaguered tech sector which appeared to be getting oversold bounced nicely today despite interest rates ticking higher. Financials, which are usually beneficiaries of higher rates were certainly today as those shares were some of the biggest winners in the trading session along with energy shares.
By the close, the Dow Jones Industrial Average was up 311 points to finish the day at 34,314. The S&P 500 was up 45 points to close at 4,345. The Nasdaq Composite Index was up 178 points to close at 14,433. Gold was down $6 to trade at $1,760 per ounce, while oil continued higher up $1.58 to trade at $ 79.20 per barrel WTI.
It’s amazing that not long ago we thought with the glut of oil worldwide that we’d never seen prices at these levels again. It doesn’t take long for narratives to change does it? We get the ADP private payroll number tomorrow and of course the non-farm payroll number on Friday. In the meantime the stock market roller coaster ride continues.
Have a nice evening everyone.
