Friends
Warren Buffett held a virtual Berkshire Hathaway annual meeting on Saturday and considering the cautiousness that the famed investor displayed, it is surprising that stocks fared as well as they did today. We found out that Mr. Buffett sold all of his airline holdings, and he didn’t find anything that he wanted to buy at the moment. Oh sure, he is still, as usual, bullish on the markets and America long term, but his actions exposed just how he feels at the moment. As mentioned, it’s kind of a surprise stocks didn’t react in a more negative fashion.
Though, stocks were lower most of the day, the bulls rallied the troops and by the close the Dow Jones Industrial Average was up 26 points to finish the day at 23,749. The S&P 500 was up 12 points to close at 2,842. Gold was up $11 to trade at $1,712 per ounce, while oil was up $1.19 to trade at $20.97 per barrel WTI.
It will be another busy week for earnings and on Friday we’ll get a look at what is sure to be a horrendous jobs report. After the slump we saw in stocks late last week, and given Mr. Buffett’s lack of enthusiasm for stocks at the moment, it was really a pretty good day for stocks. Let’s see how the week plays out. Stay tuned.
Have a nice evening everyone.
Jim
