Friends
It was a good week for stocks. Despite the back and forth and conflicting headlines, market participants still appear to believe/hope that another stimulus deal can be done before the election. I’ve been a little bit of a doubting Thomas with regards to the chances of a bill being passed before the election, but you never know.
As for stocks, for the day the Dow Jones Industrial Average was up 161 points to close at 28,586. The S&P 500 was up 30 points to finish the day at 3,477. The Nasdaq Composite Index was up 158 points to close at 11,579. Gold was up $38 to trade at $1,933 per ounce, while oil was down $.67 to trade at $40.52 per barrel WTI.
After a sloppy September, October is off to a nice start. Over the next several weeks we will be entering earnings season, a time to decipher whether stocks are priced correctly, while getting a chance to hear from the companies themselves about how they see things playing out over the coming quarters. With earnings season, stimulus talk, and an election within weeks, we should have a lot to talk about over the next 30 days. We’ll get some rest and be back at it on Monday.
Have a great weekend everyone.
