Friends
The market was open today so that must mean the bulls had fun. Yes, I’m being facetious and also yes, stocks were higher again today. Now, with interest rates edging higher, rate sensitive stocks (utilities, telecom and some staples) didn’t join in on the never ending party, but there were enough winners to pull the market averages higher.
For the day, the Dow Jones Industrial Average was up 102 points to close at 25,385. The S&P 500 was up 3 points to finish the day at 2,751. Gold was down $5 to trade at $1,314 per ounce, while oil was up $1.15 to trade at $62.88 per barrel WTI.
Actually, the daily rotation of winners and losers helps keep the market churning higher in an orderly manner. Even though there are a few names that seem to make a new high on a daily basis, mostly the ball is being handed off from sector to sector seemingly getting most everyone involved. The upcoming earnings season might separate the men from the boys, and will give us plenty to talk about in the next few weeks.
Have a nice evening everyone.
