Friends
Stocks continued higher for the week, despite oil prices and interest rates moving higher also. This is the best string of days the bulls have been able to put together for some time. It is only to be determined whether the move higher in stocks is a robust counter trend rally or the beginning of something new.
By the close, the Dow Jones Industrial Average was up 417 points finish the day at 34,480. The S&P 500 was up 53 points to close at 4,411. The Nasdaq Composite Index was up 178 points to close at 13,614. Gold was up $28 to trade at $1,937 per ounce, while oil was up $8.69 to trade at $103.73 per barrel WTI.
The Ukraine situation is still a complete unknown, but perhaps market participants are beginning to feel that the Fed’s inflation fighting program is more knowable. Whatever the case, the bulls are having a good week. Let’s see how things finish out tomorrow.
Have a nice evening everyone.
