Friends
As the financial news networks were preoccupied with the goings on at JC Penny, traders decided by midday that stocks weren’t going to get any cheaper so they decided to put on their buying cap. With no real news to distract them, investors seemed to want to get involved with some economically sensitive stocks today. Now that’s a change. Seems like last Friday’s disastrous employment report is a distant memory.
Anyway, by the close the Dow Jones Industrial Average was up 59 points to finish the day at 14,673, and a new all-time high. The S&P 500 was up 5 points to finish the day at 1568. Gold was up $12 to trade at $1584 per ounce, while oil was up $.68 to trade at $94.04 per barrel WTI.
Other than various Fed officials giving speeches, we really don’t have any significant economic news until Friday’s PPI, retail sales, business inventories and consumer sentiment numbers. Yes, we had Alcoa’s earnings yesterday, but we really don’t get cranked up earnings wise until Friday, with J.P. Morgan and Wells Fargo reporting. We’ll keep an eye on things for you and let you know how the week unfolds.
Have a nice evening everyone.
