Friends
The bulls were able to keep the pressure on the bears, at least for one more day, as stocks once again enjoyed a robust rally that included the recently left behind financial and technology sectors (energy shares had a nice day also). There didn’t appear to be any real catalyst for today’s move other than the palpable feeling of doubt that accompanies any rally recently.
By the close, the Dow Jones Industrial Average was up 145 points to finish the day at 17,851. The S&P 500 was up 14 points to close at 2090. Gold was down $4 to trade at $1,224 per ounce, while oil was up $1.03 to trade at $49.65 per barrel WTI.
Today’s FHFA House Price Index showed home prices rising more than expected and seemed to coincide with yesterday’s fabulous New Home Sales number. Tomorrow we get Durable Goods and Weekly Jobless Claims, and on Friday we get our second look at 1st quarter GDP. The bulls have put two good days together-a third would be impressive. Let’s see if the bears have anything to say about it or are they firmly on the defensive at the moment?
Have a nice evening everyone.
