Friends
Softer economic data and slightly lower interest rates seems to be fueling this end of the month rally we have seen over the past week. The bears had things going their way for a few weeks, but the bulls have grabbed the stage once again and some of the big tech names are back leading the way – see Apple this week.
For the day, the Dow Jones Industrial Average was up 37 points to close at 34,890. The S&P 500 was up 17 points to finish the day at 4,514. The Nasdaq was up 75 points to close at 14,019. Gold was up $6 to trade at $1,971 per ounce, while oil was up $.52 to trade at $81.68 per barrel WTI.
The bulls are seeing a Goldilocks scenario for stocks setting up with inflation lessening, the economy cooling and the Fed likely close to the end of their tightening cycle. We will see. First let’s see how the month finishes out tomorrow.
Have a nice evening everyone.
