Friends
Before I get into today’s remarkable rally, I first want you to know that I will be out of the office for the next week and a half. My wife and I are off to celebrate my 60th birthday next week (we tried this 10 years ago for the big 50 and I had to bail because of the financial crisis). Anyway, Scott, John, Hunter and Barb will be holding down the fort should you need anything.
Now, as for today, what a powerful rally. Is it a snap back rally? How about a dead cat rally? Whatever the description, it was quite a nice day for the bulls. Good earnings reports from the likes of Johnson & Johnson helped set the positive tone, then an amazing JOLTS number which measures job openings set the bulls on fire. There are more than 7 million jobs available in this country at the moment. Let that sink in for a moment. Anyway, by the close the Dow Jones Industrial Average was up 547 points to finish the day at 25,798. The S&P 500 was up 59 points to close at 2809. Gold was down $2 to trade at $1,228 per ounce, while oil was up $.09 to trade at $71.87 per barrel WTI.
After the close Netflix shares were rallying on what appears to be good earnings. Market watchers had a close eye on those Netflix earnings as it had been one of the major momentum stocks carrying the market this year. Well, it was a great day for the bulls. We’ll keep you updated with the proceedings while I’m out. Stay tuned.
Have a nice evening everyone.
