Friends
Though a little bit narrow in structure, stocks once again moved higher during today’s trading session. Big Tech stocks were the biggest winners, while energy shares were the day’s biggest losers. The Dow hit a new record high over 45,000 but oddly only 15 of the 30 stocks in the index were higher. Today’s ADP private payroll number came in a little less than expected, but traders are more focused on Friday’s government non-farm payroll number.
As for today, by the close the Dow Jones Industrial Average was up 308 points to finish the day at 45,014. The S&P 500 was up 36 points to close at 6,086. The Nasdaq Composite Index was up 254 points to close at 19,735. Gold was up $6 to trade at $2,674 per ounce, while oil was down $1.09 to trade at $68.85 per barrel WTI.
We have a Fed FOMC meeting coming up later in the month so this week’s employment data and next week’s inflation data will likely be the determining factors with regards to whether or not the Fed will lower interest rates again at this meeting. In the meantime, the bulls are not only firmly entrenched on the high ground, they are starting to build condominiums.
Have a nice evening everyone.
Jim
