Friends
I hope you have power and Wi-Fi and are able to read today’s email. If so, you will see that stocks had a very nice day with all the major averages moving higher. With the Fed signaling that rate cuts are likely to happen later this year, the bulls are feeling frisky. You know that all year long I have said that the conditions are good for stocks. That has not changed. Sure, valuations in the favored growth names are stretched, as they have been for some time, but that doesn’t mean that they cannot be stretched even further. Also, earnings have been better than expected so the valuations, though stretched, are not as bad as they could have been. But a slow growth economy with moderating inflation, a decent jobs situation and decent earnings is usually pretty good for stocks.
As for today, by the close the Dow Jones Industrial Average was up 429 points to finish the day at 39,721. The S&P 500 was up 56 points to close at 5,633. The Nasdaq Composite Index was up 218 points to close at 18,647. Gold was up $9 to trade at $2,377 per ounce, while oil was up $.93 to trade at $82.34 per barrel WTI.
Our building has power now, but make sure to check and see that someone is there if you want to come by. We are still dealing with power and Wi-Fi issues individually. Let’s hope we all get power back soon.
Have a nice evening everyone.
