Friends
The bulls were back at it today attempting to push stocks to all-time highs. Can you imagine we are talking about stocks at new highs with the economic conditions that we are enduring? Nevertheless, stocks continue to gain strength and the broadening out of the advance is continuing. Industrials and materials did well today, and small cap stocks continue to gain sponsorship.
By the close, the Dow Jones Industrial Average was up 289 points to finish the day at 27,976. The S&P 500 was up 46 points to close at 3,380. The QQQ got back on the horse today up 6 points to close at 271. Gold was down $17 to trade at $1,928 per ounce, while oil was up $.97 to trade at $42.58 per barrel WTI.
Despite nose bleed valuations (mostly attributed to the pandemic), the broadening out of the market is encouraging. Instead of 5 stocks carrying the water for the other 495 companies in the S&P 500, it is healthier that a few hundred others have chipped in over the last week. It is a fascinating moment in time for the markets.
Have a nice evening everyone.
