Friends
The markets seemed to feel that today’s job number was a Goldilocks type of report. The number of jobs created was a bit higher than expected but not too hot as to stoke imminent Fed action fears. The result was a nice rally in stocks and bonds (yields lower) to lead us into the holiday weekend.
For the day, by the close the Dow Jones Industrial Average was up 154 points to finish the day at 34,787. The S&P 500 was up 32 points to close at 4,352. The Nasdaq Composite Index was up 116 points to close at 14,639. Gold was up $12 to trade at $1,789 per ounce, while oil was up $.17 to trade at $75.40 per barrel WTI.
As we look into the second half of the year market participants will be focused on inflation and the Fed as well as fiscal spending bills and the likelihood of tax increases. So far, traders have been encouraged by the power of the great reopening of the economy after the Covid-19 shutdowns. We will see during this upcoming earnings season just how accurately shares are priced at the moment. Stay tuned. In the meantime…
Have a great 4th of July weekend everyone.
