Friends
More detours on the path to recession helped send stocks higher today for the first time in about a week. May durable goods data was better than expected and consumer confidence in June improved more than expected too. In addition, home prices in April were higher on a month over month basis and prices are just slightly now below their June 2022 peak. I actually heard someone hinting today that the recession may not arrive until 2026. Good Lord, if you give me enough leeway like that, I could even make a ridiculous prediction too.
Anyway, as for today, by the close the Dow Jones Industrial Average was up 212 points to finish the day at 33,926. The S&P 500 was up 49 points to close at 4,378. The Nasdaq Composite Index was up 219 points to close at 13,555. Gold was down $10 to trade at $1,923 per ounce, while oil was down $1.68 to trade at $67.69 per barrel WTI.
Can the bulls make a run into quarter end? Maybe the hopes of avoiding a recession or at least a soft landing can provide the fuel for a quarter end rally. We will see.
Have a nice evening everyone.
