Friends
The 3rd quarter ended in such an awful fashion, it was refreshing to see stocks go up on this first day of the 4th quarter, even if it’s only for a day. Traders may be thinking that financial disruptions around the globe might begin to get central banks to soften their inflation fighting stance. The Bank of England did so last week, but it would be very surprising if our Fed has a change of heart anytime soon. But for today, lets just be glad we saw some green on the board.
By the close, the Dow Jones Industrial Average was up 765 points to finish the day at 29,490. The S&P 500 was up 92 points to close at 3,678. The Nasdaq Composite Index was up 239 points to close at 10,815. Gold was up $37 to trade at $1,709, while oil was up $3.90 to trade at $83.39 per barrel WTI. Basically, everything was up.
We have a lot of economic data coming this week with the JOLTs number (job openings) and a couple of employment reports. Let’s see if the bulls can string a few more good days together.
Have a nice evening everyone.
