Friends
Stocks pushed higher despite concerns about another revised labor report and nervousness about upcoming inflation data. We discovered today that 911,000 fewer jobs were created over the past 12 months than previously reported. Yikes. But, the data does add to the case for rate cuts by the Fed. Generally stocks like an accommodating Fed.
As for today, by the close the Dow Jones Industrial Average was up 196 points to finish the day at 45,711. The S&P 500 was up 17 points to close at 6,512. The Nasdaq Composite Index was up 80 points to close at 21,879. Gold was down $8.60 to trade at $3,669 per ounce, while oil was up $.42 to trade at $62.68 per barrel WTI.
The likelihood of Fed easing appears to be the recent fuel for higher stock prices. It will be interesting to see if rate cuts are already priced in when they do actually come to fruition. In the meantime we’ll be monitoring this week’s inflation data. Stay tuned.
Have a nice evening everyone.
