Friends
Today’s action was a bit choppy as early gains gave way to an afternoon selloff (prompted by reports that Democratic Senator from West Virginia, Manchin, was against the $2000 per qualified person stimulus plan). But, by the close the bulls had bid prices back into the black.
For the day, the Dow Jones Industrial Average was up 56 points to close at 31,097. The S&P 500 was up 20 points to finish the day at 3,824. The Nasdaq Composite Index was up 134 points to close at 13,201. Gold was down $65 to trade at $1,847 per ounce, while oil was up $1.65 to trade at $52.48 per barrel WTI.
Today’s jobs number was a disappointment as instead of gaining a small number we actually saw more jobs lost. This will likely help feed into another major stimulus plan (despite the Senator from West Virginia’s objections) and to date, stocks have responded very favorably to stimulus. Bonds on the other hand, are beginning to see a little pressure with the 10 year note now yielding 1.11%. All in all, it was a pretty good first week of the year for stocks despite the drama. Stay tuned, it’s likely to be a lively year.
Have a nice weekend everyone.
