Friends
It was a day of headlines about spending bills, tax changes and massive budget plans. But, once again the stock market shrugged it all off and pushed higher. And, once again, the bond market showed little reaction to inflationary pressures and the potential of massive fiscal spending.
For the day, the Dow Jones Industrial Average was up 141 points to close at 34,464. The S&P 500 was up 4 points to close at 4,200. The Nasdaq Composite Index was down 1 point to close at 13,736. Gold was down $2 to trade at $1,898 per ounce, while oil was up $.62 to trade at $66.83 per barrel WTI.
Today’s action saw the Dow lead the way higher while Nasdaq somewhat flatlined. Day after day we see this see saw type of action. One day value is in favor and then the next day growth leads the way. But, all in all the bulls have to be pleased with the resilience that stocks are showing given the confusion over inflation, fiscal spending and taxation. Let’s see how the week and the month finish out tomorrow.
Have a nice evening everyone.
