Friends
Word of a preliminary tariff deal with China sent stocks soaring this morning as the bears were sent scrambling to cover their shorts in the face of rising prices. Patient investors who didn’t panic sell when share prices were much lower have been rewarded as the market averages have erased most of the year’s losses. Yes, we are still down from February’s highs but much of the damage has been mitigated. Is the coast clear? Of course, that is impossible to know. Headlines will continue to come at us, but again, investors who stuck with their plan have been vindicated for now.
By the close, the Dow Jones Industrial Average was up 1,160 points to finish the day at 42,410. The S&P 500 was up 184 points to close at 5,844. The Nasdaq Composite Index was up 779 points to close at 18,708. Gold was down $104 to trade at $3,240 per ounce, while oil was up $.75 to trade at $61.77 per barrel WTI.
We get a lot of economic data this week including CPI tomorrow and Retail Sales on Thursday. We also will start to hear from retailers like Walmart. What a great start to the week. Let’s see if the bulls can protect the high ground that they have just retaken.
Have a nice evening everyone.
