Friends
Stocks continue to grind higher with big tech names leading the way. You know the names, Apple, Microsoft, Amazon, Facebook, Google and of course Tesla. The breadth was decent, with the exception of energy names, but the move in general was somewhat calm in nature. We continue to get almost daily updates on Covid-19 vaccines and treatments, with Moderna adding to positive test results parade today. In addition we also continue to get indications that the Fed is committed to zero interest rates for a very long time, and that their tolerance/hope for inflation will be increased.
As for today, by the close the Dow Jones Industrial Average was up 83 points to finish the day at 28,331. The S&P 500 was up 35 points to close at 3,478. The Nasdaq Composite Index was up 198 points to close at 11,665. Gold was up $37 to trade at $1,960 per ounce, while oil was up $.02 to trade at $43.37 per barrel WTI.
For whatever reason you want to attribute to it, stocks continue to rise in the face of massive headwinds. Liquidity provided by the Fed, optimism about vaccines, or just faith in the future, whatever the case may be, the bulls are in control and the bears haven’t been heard from for the most part since March. Of course, things can change.
Have a nice evening everyone.
