Friends,
Four straight up days in a row. The bulls have built on mainly good corporate earnings (see UPS, Visa, AMD, GOOGL, Apple, Microsoft and not PayPal or Netflix) over the past several trading days. Today’s ADP private payroll number was a negative 301,000 jobs which could set us up for a lousy non-farm payroll number on Friday. That didn’t take any wind out of the sails of stocks but did add some wind to bonds sails.
As for today, by the close the Dow Jones Industrial Average was up 224 points to finish the day at 35,629. The S&P 500 was up 42 points to close at 4,589. The Nasdaq Composite Index was up 71 points to close at 14,417. Gold was up $5 to trade at $1,806 per ounce, while oil was up $.14 to trade at $88.34 per barrel WTI.
After a lousy January, the bulls have regrouped and started to try to put the pieces back together. Is it just a head fake, or have we put the worst of the “correction” behind us? Let’s see how the jobs number affects markets on Friday, if at all. Stay tuned.
Have a nice evening everyone.
