Friends
It really was a roller coaster week, but in the end the bulls were firmly in control as the market averages challenged their all-time highs. The market’s resilience has been very impressive given the confusing data and headlines investors are dealing with on a daily basis. Very impressive.
As for today, by the close the Dow Jones Industrial Average was up 206 points to finish the day at 44,175. The S&P 500 was up 49 points to close at 6,389. The Nasdaq Composite Index was up 207 points to close at 21,450. Gold was up $1 to trade at $3,455 per ounce, while oil was down $.18 to trade at $63.70 per barrel WTI.
After last Friday’s bond rally, rates have moved back up a little this week despite the likelihood that the Fed will lower rates in September. As I have said there is still a lot of economic data to absorb between now and the next FOMC meeting so narratives can change, but for the moment, it appears that the Fed will begin to ease monetary policy in the latter part of the year. In the meantime, let’s enjoy stocks making new highs.
Have a great weekend everyone.
