Friends
The Empire State manufacturing data for August was so bad it almost was hard to believe. Cue the recession narrative. Regardless, after an initial downturn at the open stocks rallied to close higher for the day. For those who are looking for more than a bear market rally, these reversal days to the upside might provide some assurance that we are experiencing something more substantial. Of course, only time will tell. As I have said for a while the Fed and the economy still have a lot of wood to chop.
As for today, by the close the Dow Jones Industrial Average was up 151 points to finish the day at 33,912. The S&P 500 was up 16 points to close at 4,297. The Nasdaq Composite Index was up 80 points to close at 13,128. Gold was down $19 to trade at $1,796 per ounce, while oil was down $2.78 to trade at $ 89.31 per barrel WTI.
As mentioned Friday, stocks have had a very good start to the second half of the year. The market averages have recovered more than half of the losses experienced in the first six months of 2022. Are markets looking ahead and seeing some light at the end of the economic tunnel? Stay tuned.
Have a nice evening everyone.
