Friends
The best news for the bulls today was that we didn’t give back yesterday’s rally. Stocks moved lower initially but moved into positive territory late in the morning and the market averages were able to hold onto decent gains into the close. The Fed Chair was speaking this morning, but nothing new really came of it, and it appears that market participants have accepted that a .75 Fed Funds rate increase is in the cards for later this month.
For the day, by the close the Dow Jones Industrial Average was up 193 points to finish the day at 31,774. The S&P 500 was up 26 points to close at 4,006. The Nasdaq Composite Index was up 70 points to close at 11,862. Gold was down $9 to trade at $1,718 per ounce, while oil was up $1.19 to trade at $83.13 per barrel WTI.
The bears thought they were close to breaking things early in the week, but the bulls defended that 3900 level on the S&P 500 and have tacked on 100 points over the last few sessions. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
