Friends
The determined move higher for stocks took a pause today as the big growth names saw a little profit taking among market participants. These pauses that we have seen along the way appear to have kept the overall bull market rather healthy. We have pointed out that valuations are high, but once again, the conditions continue to embolden the bulls.
As for today, by the close the Dow Jones Industrial Average was up 37 points to finish the day at 39,043. The S&P 500 was down 9 points to close at 5,165. The Nasdaq Composite Index was down 87 points to close at 16,177. Gold was up $12 to trade at $2,178 per ounce, while oil was up $2.22 to trade at $79.78 per barrel WTI.
One of the major focuses for investors has been the Fed and just when they might start lowering interest rates. Well, it doesn’t appear that is likely until the second half of the year, if at all. I say that still believing that the next move in the Fed Funds rate is lower but that timing has become difficult. We also find ourselves in the middle of an election year, so… well you know.
Have a nice evening everyone.
