Friends
The bulls were able to put a tidy bow on top of a wonderful week for stocks. On the economic front we got a good mix of lower inflation and stronger economy data which found a sweet spot for market participants. Remember, less than 2 weeks ago the narrative was that the economy was plunging, and the Fed should lower interest rates immediately. Now the debate is whether the Fed should lower rates by a quarter of a point or a half of a point in September. Stay tuned, the narrative might change again at any moment.
But, as mentioned, it was a great week for stocks. As for today, by the close the Dow Jones Industrial Average was up 96 points to finish the day at 40,659. The S&P 500 was up 11 points to close at 5,554. The Nasdaq Composite Index was up 37 points to close at 17,631. Gold was up $51 to trade at $2,543 per ounce, while oil was down $1.41 to trade at $76.75 per barrel WTI.
Next week titans of Industry meet with Fed officials at Jackson Hole, and we also get a look at earnings from more retailers, including Target, TJX, and Macy’s. For the moment, the bulls are occupying the high ground. We’ll see if they can hold onto it.
Have a great weekend everyone.
