Friends
It was a good start the new week as the bulls continue to ride the momentum that has built from two weeks ago today. All of the market averages moved higher while interest rates remained steady. Investors will be focused on what the Fed Chair says later in the week at Jackson Hole. The narrative is developing that economic data is showing some modest slowdown but not enough to be overly concerning. In the meantime, stocks continue to move higher.
For the day, the Dow Jones Industrial Average was up 236 points to close at 40,896. The S&P 500 was up 54 points to finish the day at 5,608. The Nasdaq Composite Index was up 245 points to close at 17,876. Gold was up $5 to trade at $2,542 per ounce, while oil was down $2.28 to trade at $74.37 per barrel WTI.
It is quite remarkable to see market participants go from total despair to rabid enthusiasm is a week or two’s time, but that seems to be becoming more the norm in these modern times. We’ll keep our heads about us and see how things play out as the week unfolds. Stay tuned.
Have a nice evening everyone.
