Friends
Just when it looked like we might just coast into the end of the month, the bulls came out today and put a full court press on the bears and sent stocks soaring higher. Helped by a very strong and much better than expected New Home Sales number, stocks rallied right from the start of the trading session and held the gains throughout.
By the close, the Dow Jones Industrial Average was up 213 points to finish the day at 17,706. The S&P 500 was up 28 points to close at 2076. Gold was down $23 to trade at $1228 per ounce, while oil was up $.68 to trade at $48.76 per barrel WTI.
What is encouraging about today’s move is that perhaps, just perhaps, market participants are beginning to reconcile the fact that the Fed can move if they want to (or not move if they so choose), but stocks could rise in either case. Of course, stocks could fall in either case too, but the point is that it would be great if the market could separate itself from the Fed or central banks in general at some point. These moves haven’t lasted more than a day or two lately, so we won’t get too worked up about today’s gains. Let’s see if the bulls have anything left in the tank tomorrow.
Have a nice evening everyone.
