Friends
The opening of today’s trading session was similar to the first two trading sessions of the week with stocks moving lower by several hundred Dow points early only to see buyers step in and move stocks higher as the day wore on. The difference today is that the rally held, and stocks actually moved higher into the close. It would be nice if the bulls could get through this week without giving back last week’s hard earned gains.
For the day, the Dow Jones Industrial Average was up 435 points to close at 33,248. The S&P 500 was up 75 points to finish the day at 4,176. The Nasdaq Composite Index was up 322 points to close at 12,316. Gold was up $24 points to trade at $1,873 per ounce, while oil was up $2.00 to trade a $117.26 per barrel WTI.
The ADP private payroll number was lighter than expected which leads us into tomorrow’s non-farm payroll numbers. Things seem to be cooling a bit on the demand side other than in travel and leisure. In general, the economy seems to be slowing, but it remains to be seen if inflation will follow. In the meantime, we’ll let you know how the week finishes out tomorrow.
Have a nice evening everyone.
