Friends
We did see dip buyers step in this morning and move stock prices nicely higher. But as the day wore on the buying seemed to dry up and stocks, despite still posting gains, retreated from their highs of the day. So, not a bad day for the bulls in that we didn’t see a continuation of yesterday’s selloff.
For the day, by the close the Dow Jones Industrial Average was up 75 points to finish the day at 38,661. The S&P 500 was up 26 points to close at 5,104. The Nasdaq Composite Index was up 91 points to close at 16,031. Gold was up $12 to trade at $2,154 per ounce, while oil was up $.91 to trade at $79.06 per barrel WTI.
Again, the narrative is that the Fed will be lowering rates at some point this year and the Fed Chair didn’t throw cold water on that narrative today. As long as it is believed that the next move for interest rates is down, stocks will have that as a safety net. At some point it will actually need to happen though. I’m just saying.
Have a nice evening everyone.
