Friends
Stocks didn’t give up their gains today. Instead, the bulls were able to move the market averages higher as the trading session wore on. Interestingly it’s not just really the magnificent seven carrying the water on this rebound. It seems that the move is nicely broadening out. It’s important to point out that while there was all this hand wringing about the yen carry trade and economic slowdown, Corporate earnings have been stellar. With the majority of companies having reported earnings were up more than 11% in the second quarter which is way better than expected. Yes, you can point out that it is backward looking but good results are good results.
As for today, by the close the Dow Jones Industrial Average was up 683 points to close at 39,446. The S&P 500 was up 119 points to close at 5,319. The Nasdaq Composite Index was 464 points to close at 16,660. Gold was up $30 to trade at $2,462 per ounce, while oil was up $.88 to trade at $76.11 per barrel WTI.
What a week of market action and we still have one more trading day to go. Let’s see how this crazy week finishes out tomorrow.
Have a nice evening everyone.
