Friends
Stocks continued yesterday’s central bank infused rally, as the market averages spiked in early trading and spent the rest of the session trying to hang on to those gains. Bonds continued to rally (rates fall) as yesterday’s Fed statement seems to have insured that rates will stay subdued until late in the year. The next focus for market participants seems to be Monday’s Presidential debate. Oh boy.
By the close, the Dow Jones Industrial Average was up 98 points to finish the day at 18,392. The S&P 500 was up 14 points to close at 2177. Gold was up $10 to trade at $1,342 per ounce, while oil was up $.79 to trade at $46.13 per barrel WTI. A clean sweep to the upside for the major asset classes.
It seems that traders now are going to focus on the upcoming election and just what that will mean for the markets. Earnings will come into focus again in a few weeks, but until then, politics might begin to influence market action and direction. Let’s see how the week wraps up tomorrow.
Have a nice evening everyone.
