Friends
It was another big day for the Nasdaq led by Apple and Microsoft, but because both of those stocks are also part of the S&P 500 and the Dow, those indices also posted nice gains for the day. We’ve seen this show for the last several months where a handful of large cap growth names carry the water for the rest of the market. Given that these companies all produced stellar earnings numbers, it isn’t really surprising that market participants feel most comfortable with them.
As for today, by the close the Dow Jones Industrial Average was up 236 points to finish the day at 26,664. The S&P 500 was up 23 points to close at 3,294. Gold was up $6 to trade at $1,992 per ounce, while oil was up $.60 to trade at $40.87 per barrel WTI.
On the economic front, market participants are keeping an eye on Congress and the White House with regards to a new aid bill. It appears, though the wrangling is likely to continue in the short run, that the market is expecting that a deal will get done and more government aid for workers is imminent. With the Covid-19 situation seemingly getting worse on a global basis, governments are going to have to continue to plug economic holes for now. You might ask, how long can they continue to do that? You may also ask how are governments going to pay for all of this? You’re asking a lot of questions.
Have nice evening everyone.
