Friends
Ask and you just might receive. Yes, indeed, we got another day of the market rallying without the dominance of a handful of large cap growth stocks. Today, the industrials and economically sensitive names were the winners, as even oil and energy stocks participated in the rally. Now, I’m not sure what exactly the bulls are finding so attractive with regards to the economy at the moment, but the stock market has always been labeled as a forward looking mechanism. Let’s hope this forward looking mechanism, which apparently is seeing positive outcomes, is correct.
As for today, by the close the Dow Jones Industrial Average was up 357 points to finish the day at 27,791. The S&P 500 was 9 points to close at 3,360. Gold was up $6 to trade at $2,034 per ounce, while oil was up $.79 to trade at $42.01 per barrel WTI.
Congress is still haggling over the next stimulus bill but it appears that market participants feel that they will come to an agreement sooner than later. Today’s strength came as a bit of a surprise. Let’s see if the bulls can continue to force the action.
Have a nice evening everyone.
