Friends
Today’s PCE (personal consumption expenditures) index number came in a little better than expected which helped calm things down in the bond market a bit and subsequently helped fuel a bounce back rally in stocks. The inflation index showed a 2.4% year over year increase, which as I mentioned was better than expected. Though stocks did close off their highs for the day at least the bulls had something to hang their hat on.
By the close, the Dow Jones Industrial Average was up 498 points to finish the day at 42,840. The S&P 500 was up 63 points to close at 5,930. The Nasdaq Composite Index was up 199 points to close at 19,572. Gold was up $36 to trade at $2,644 per ounce, while oil was up
$.23 to trade at $69.61.
So, the losing streak was effectively broken today, but it still feels like market participants are unsure what to do as we draw nearer to year end. Hopefully the little guy in the red suit can deliver us a rally into year end. Stay tuned.
Have a great weekend everyone.
Jim
