Friends
Stocks were mostly higher today, but it was a different mix than we have seen for most of the year. Instead of Apple and Microsoft leading the way (they were actually down today), the sleepy Dow Jones Industrial Average was today’s winner. This year’s laggards – industrials, energy, and healthcare were today’s winners.
By the close, the Dow Jones Industrial Average was up 209 points to finish the day at 33,944. The S&P 500 was up 10 points to close at 4,409. The Nasdaq Composite Index was up 24 points to close at 13,685. Gold was down $1 to trade at $1,931 per ounce, while oil was down $.68 to trade at $73.18 per barrel WTI.
All eyes will be on this week’s inflation data with the CPI release on Wednesday and the PPI release on Thursday. It is now assumed that the Fed will raise rates at the FOMC meeting later in the month so it will be interesting to see if this week’s data dents that narrative at all. We’ll let you know as the week unfolds.
Have a nice evening everyone.
