Friends
The yield on the long bond backed off a bit today which greased the skids for a move up in the Nasdaq. You know the drill by now, rates down/tech stocks up and vice versa. Even the Dow was able to post a modest gain as all in all it was a good day for the bulls.
By the close, the Dow Jones Industrial Average was up 103 points to finish the day at 32,731. The S&P 500 was up 27 points to close at 3,940. The Nasdaq Composite Index was up 162 points to close at 13,377. Gold was down $2 to trade at $1,739 per ounce, while oil was up $.05 to trade at $61.47 per barrel WTI.
As we have mentioned, market participants are taking their cue from the longer end of the bond market as each trading session unfolds. With stimulus now passed and vaccines flowing into the arms of American citizens, how the bond market reacts to the odds of an economic surge and an accompanying surge of inflation will apparently be the guide for stocks as we move into the Spring. Stay tuned.
Have a nice evening everyone.
