Friends
Stocks continue to climb despite the lack of a new stimulus deal. Are investors emboldened by the success we are reportedly seeing in Covid-19 treatments including therapeutics and vaccines? Is the market becoming more comfortable with a Biden victory, given that he appears to be leading in most polls? Is the market anticipating the polls being wrong again and a surprise Trump victory is in the cards? Or, was it mainly a big growth led rally sparked by Apple’s unveiling of a new phone and Amazon’s Prime Day this week? Whatever the case, it has been a nice stretch for the stock market as we are closing in on the highs we saw before the September pull back.
By the close, the Dow Jones Industrial Average was up 250 points to finish the day at 28,837. The S&P 500 was up 57 points to close at 3,534. The Nasdaq Composite Index was up 296 points to close at 11,876. Gold was up $2 to trade at $1,928 per ounce, while oil was down $1.09 to trade at $39.51 per barrel WTI.
It will be a busy week, as in addition to all the political theater, earnings season begins. As usual the banks will kick us off this week, then over the next few weeks we’ll hear just what corporate America is expecting as we move forward. Stay tuned, it should be fun.
Have a nice evening everyone.
