Friends
It was pretty much the same story again today. Apple leads the Nasdaq higher and the rest of the market watches from the sidelines. Money that is finding its way into stocks seems to be directed towards just a handful of names, which is great for those handful of names, but a little worrisome in the overall picture. Sure the S&P 500 has recovered all of the losses that we saw in March, but less than 10 of those 500 stocks account for most of the recovery. As I’ve said before, a little broadening out of this advance would make me feel a little better.
Anyway, by the close the Dow Jones Industrial Average was up 185 points to finish the day at 27,386. The S&P 500 was up 21 points to close at 3,349. Gold was up $23 to trade at $2,072 per ounce, while oil was down $.15 to trade at $42.04 per barrel WTI.
All eyes will be on the jobs number tomorrow. It will be interesting to see how stocks react. Despite the bad news on employment, the markets have basically shrugged off the last few jobs numbers and continued to look ahead. Let’s see if that continues tomorrow. Stay tuned.
Have a nice evening everyone.
