Friends
Stocks continued higher as the bulls appear very comfortable at the moment as they find themselves firmly entrenched on the high ground. The 10-year Treasury Note has pushed a little higher in yield since Wednesday’s Fed Funds rate cut, which we suspected it might do. But overall the markets are rewarding risk takers.
As for today, by the close the Dow Jones Industrial Average was up 172 points to finish the day at 46,315. The S&P 500 was up 32 points to close at 6,664. The Nasdaq Composite Index was up 160 points to close at 22,631. Gold was up $37 to trade at $3,716 per ounce, while oil was down $.88 to trade at $62.69 per barrel WTI.
We wondered if the Fed’s policy action on Wednesday was already priced into the market. Well, apparently not as we continue to see stocks move higher. It looks like clear sailing into quarter end for the bulls but of course things can change quickly when it comes to the stock market. Let’s see if the bullish momentum continues next week. In the meantime…
Have a great weekend everyone.
