Friends
Once again, as we wait for the coming recession to unfold, stocks continue to drift higher. Volume has been light the last few trading sessions, but that doesn’t take away from the fact that stocks continue to defy the common narrative. It is a quiet week where economic data is concerned and bonds have settled down just a bit, so the bulls have decided to do some buying.
By the close, the Dow Jones Industrial Average was up 323 points to finish the day at 32,717. The S&P 500 was up 56 points to close at 4,027. The Nasdaq Composite Index was up 210 points to close at 11,926. Gold was down $9 to trade at $1,980 per ounce, while oil was down $.25 to trade at $72.95 per barrel WTI.
The disruption in the banking industry has also quieted down some this week which is where the most recent downturn originated. If 2 or 3 mismanaged banks is the extent of the damage, then we dodged a bullet as a whole. For now, though, let’s just take things one day at a time and enjoy the rallies when they happen.
Have a nice evening everyone.
