Friends
As world leaders gather in Quebec for the G7 meeting, it appeared by the lack of action in the stock market today, that traders may have headed for the beach early. Stocks did post gains for the trading session, and it was a very good week in general for stocks, but today’s action appeared to have little conviction.
By the close, the Dow Jones Industrial Average was up 75 points to finish the day at 25,316. The S&P 500 was up 8 points to close at 2,779. Gold was up a fraction to trade at $1,303 per ounce, while oil was down $.29 to trade at $65.66 per barrel WTI.
As mentioned it was a good week for stocks. The S&P 500 now sits less than 3% from the January highs. With the G7 in progress, and the Korean Summit and a Fed meeting on tap for next week, it will be interesting to see if the bulls can challenge the old highs. Stay tuned.
Have a great weekend everyone.
