Friends
Stocks continued higher today with the Nasdaq leading the way. The bulls had hoped we would see a broadening out of the move but at the moment many of the same high-tech names are carrying the load once again. All in all, though the direction has been higher for months now and the bulls can’t be picky with regards to the manner in which the move unfolds.
As for today, by the close the Dow Jones Industrial Average was up 90 points to finish the day at 39,087. The S&P 500 was up 40 points to close at 5,137. The Nasdaq Composite index was up 183 points to close at 16,274. Gold was up $38 to trade at $2,093 per ounce, while oil was up $1.51 to trade at $79.77 per barrel WTI.
So, a good start to March for the bulls despite the narrative now developing that the Fed may not be interested in lower rates nearly as soon or as much as previously thought. As I’ve said over and over again, the conditions are pretty good for higher stock prices. But we sure haven’t had any real pullback recently and could certainly see a disruption at any time. Nevertheless, the bulls still hold the high ground.
Have a great weekend everyone.
Jim
