Friends
The bulls continue to run wild and free. As legendary Wall Street Executive Art Cashin said the other day, “the only concern the bulls have right now is the possibility of running out of champagne”. But, seriously, the strength in the market averages is extremely impressive. It’s early, but so far earnings season is looking just fine again. The predictions of an earnings recession continues to be deferred to a later date. But, as I said, it’s still early.
As for today, by the close the Dow Jones Industrial Average was up 366 points to finish the day at 34,951. The S&P 500 was up 32 points to close at 4,554. The Nasdaq Composite Index was up 108 points to close at 14,353. Gold was up $24 to trade at $1,981 per ounce, while oil was up $1.57 to trade at $75.72 per barrel WTI.
The bulls didn’t even care about a somewhat weak retail sales number this morning. This is going to be a very interesting earnings season over the next couple of weeks given the set up (stocks having rallied strongly into the prints). We’ll keep you up to date. Stay tuned.
Have a nice evening everyone.
