Friends
Evidently the bulls were able to gather their forces over the weekend and make a nice charge on this first trading day of the new week. There was no real catalyst to move stocks higher today other than bargain hunters taking advantage of last week’s selloff. We do get a look at inflation data via the CPI and PPI this week, but most analysts are not looking for any surprises on that front.
By the close, the Dow Jones Industrial Average was up 484 points to finish the day at 40,829. The S&P 500 was up 62 points to close at 5,471. The Nasdaq Composite Index was up 193 points to close at 16,884. Gold was up $9 to trade at $2,534 per ounce, while oil was up $.96 to trade at $ 68.63 per barrel WTI.
As mentioned, we will get a look at the Consumer Price Index on Wednesday and the Producer Price Index on Thursday. All of this leads into next week’s FOMC meeting. Again, it is assured that the Fed will begin to lower the Fed Funds rate next week. The only question is whether it will be by 25 or 50 basis points. In the meantime, we will let you know how things play out this week.
Have a nice evening everyone.
