Friends
You might want to sit down for this. Stocks went up today. No really, I’m not kidding. Stocks moved lower in early morning trading, but perhaps buoyed by falling energy prices, the market averages all started moving higher and stayed strong into the close. We have seen components of inflation, like energy and other commodities, all move back to pre-war or lower levels in recent weeks, but of course housing costs and wages are likely to remain sticky. Nevertheless, stocks moved higher today, maybe simply because in the short term they were oversold, but whatever the reason the bulls finally had something to cheer about.
By the close, the Dow Jones Industrial Average was up 435 points to finish the day at 31,581. The S&P 500 was up 71 points to close at 3,979. The Nasdaq Composite Index was up 246 points to close at 11,791. Gold was up $15 to trade at $ 1,728 per ounce, while oil was down $4.63 to trade at $ 82.25 per barrel WTI.
We now enter what is seasonally a volatile time for the market and with current conditions, this year is likely to be just that. We’ll get inflation data and a Fed meeting later this month, but in the meantime, it really is a day-to-day endeavor. Stay tuned.
Have a nice evening everyone.
