Friends
With help from financial shares, stocks traded higher today right from the opening bell. Most of the gains occurred in the first half hour of trading, but at least the bulls were able to hold onto those gains as the trading session wore on. Pundits increased the likelihood of a rate hike in September, though December still seems more likely. Friday’s jobs report could be the determining factor. Stay tuned.
By the close, the Dow Jones Industrial Average was up 107 points to finish the day at 18,502. The S&P 500 was up 11 points to close at 2180. Gold was up a fraction to trade at $1,325 per ounce, while oil was down $.64 to trade at $47 per barrel WTI.
As we work our way towards the Labor Day Holiday weekend, the aforementioned jobs report will be the focus for traders as the week unfolds. The increasing possibility that a rate hike or two could happen before year end is what breathed life into shares of financial institutions. Any increase in rates is seen as a positive for financial shares as the increase would provide margin relief for the beleaguered sector. Today’s rally was a pleasant surprise. Let’s see if the bulls can keep the momentum into the holiday.
Have a nice evening everyone.
