Friends
Stocks continue to push higher as market participants appear to have no fears at the moment. The belief that the Fed is poised to begin an easier monetary policy seems to have ignited the animal spirits. The narrative now is that we are finally seeing a broadening out of participation. Instead of seven stocks accounting for most of the S&P 500’s returns as we saw in the first half of the year, the hope/belief is that now some of the other 493 stocks with begin to participate in the bull market.
As for today, by the close the Dow Jones Industrial Average was up 247 points to finish the day at 40,000. The S&P 500 was up 30 points to close at 5,615. The Nasdaq Composite Index was up 115 points to close at 18,398. Gold was down $3 to trade at $2,418 per ounce, while oil was down $.38 to trade at $82.24 per barrel WTI. Just as a note, when I started in the business in early 1985 the Dow was just crossing 1,300. That’s right 1,300! I know the Dow isn’t a great measure of the markets anymore but I’ve been around a long time so humor me if you will.
The bulls appear to have a firm grip on the proceedings at the moment. The bears will have their day at some point, markets never just go straight up. But, for now the bulls hold the high ground and appear to be well fortified.
Have a great weekend everyone.
