Friends
As the banking industry appears to be calming, stocks mainly moved higher again today. The calls for recession are deafening at this point, and understandably so, but stocks have been stubbornly resilient (for the bears taste) over the past few weeks. Bond yields moved back up some after the plunge we saw over the last couple of weeks. The 2-year Treasury Note is yielding about 4% today after plunging to 3.7% from 5%.
By the close, the Dow Jones Industrial Average was up 194 points to finish the day at 32,432. The S&P 500 was up 6 points to close at 3,977. The Nasdaq Composite Index was down 55 points to close at 11,768. Gold was down $25 to trade at $1,958 per ounce, while oil was up $3.62 to trade at $72.88 per barrel WTI.
What is fascinating to watch is the expectations of what the Fed will do going forward. For a year now both the bulls and the bears have continued to bet the Fed will do this or the Fed will do that and so many pundits have been so wrong so many times. I guess that’s what makes a market. We’ll let you know how the week unfolds.
Have a nice evening everyone.
