Friends
We had another better-than-expected inflation number this morning with the Producer Price Index actually down .2%. Added to yesterday’s CPI release it was a good week for inflation data. Now remember, today’s PPI number notwithstanding, prices are still rising, but at a pace that is more acceptable than we had a couple years ago. Nevertheless, the markets continue to respond positively but in a very narrow manner.
By the close, the Dow Jones Industrial Average was down 65 points to finish the day at 38,647. The S&P 500 was up 12 points to close at 5,433. The Nasdaq Composite Index was up 59 points to close at 17,667. Gold was down $34 to trade at $2,320 per ounce, while oil was down $.33 to trade at $78.17 per barrel WTI.
As mentioned, the market averages (except the Dow) have been moving higher, but in a very narrow manner. The bulls will want to see a broadening out of participation, as a market carried by just a few names is not particularly healthy. First, let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
