Friends
All in all, in was a really good week for stocks. Whether we are simply seeing a bear market rally or the beginning of something new will only be learned in time, but for the moment the bulls finally had a week that they could celebrate.
By the close the Dow Jones Industrial Average was up 274 points to finish the day at 34,754. The S&P 500 was up 51 points to close at 4,463. The Nasdaq Composite Index was up 279 points to close at 13,893. Gold was down $23 to trade at $1,919 per ounce, while oil was up $1.78 to trade at $104.76 per barrel.
The biggest headline of the day was the morning call between President Biden and President Xi of China. The takeaway from the call depends on which side you choose to believe. Either way, it didn’t appear to be a market mover. This week the Fed finally embarked on its inflation fighting tightening of monetary policy. At least for the moment, market participants appeared to welcome the Fed’s actions. But, as we have pointed out, it is still likely to remain volatile as traders navigate global political headlines and the ramifications of the Fed’s new direction. Stay tuned and stay buckled up.
Have a great weekend everyone.
