Friends
As we are hearing the news, with little details, about another potential mass shooting at a Florida High School, we will give you an update on the markets. Stocks recovered from an early selloff triggered by a hotter than expected CPI report. A week and a half ago, a sinking bond market sparked a stock selloff. Not today. Despite rising rates (the 10 Year Treasury Note traded at 2.91%) stocks rallied quickly and pushed higher as the trading session wore on.
By the close, the Dow Jones Industrial Average was up 253 points to finish the day 24,893. The S&P 500 was up 35 points to close at 2,698. Gold was up $24 to trade at $1,355 per ounce, while oil was up $1.51 to close at $60.70 per barrel WTI.
The retail sales number was slightly disappointing but bond traders were focused on the CPI number. We get the PPI number tomorrow, but for now bonds continue to weaken. What’s different today is that stocks ignored it all and continued to regain some of the losses from last week. The S&P is now positive for the year once again. The bulls won’t get cocky yet as there is still plenty of volatility, and some technical damage to repair. Let’s see if the bulls can continue to put the pieces back together.
Have a nice evening everyone.
