Friends
The business news stations continue to question how long this bull run in stocks can last. Even though prices are high it appears it could be a while. As I mentioned yesterday, the conditions are pretty good for stocks – the economy is sturdy, inflation has come back down, interest rates are likely headed lower, consumer confidence is strong, and the latest round of corporate earnings was pretty good. We are due for a cooling off, but that’s all it might be for now – a cooling off.
Anyway, stocks did edge slightly higher today with the Dow Jones Industrial Average up 48 points to close at 38,726. The S&P 500 was up 2 points to finish the day at 4,997. The Nasdaq Composite Index was up 37 points to close at 15,793. Gold was down $3 to trade at $2,048 per ounce, while oil was up $2.64 to trade at $76.50 per barrel WTI.
The headline is the S&P flirting with 5000, but that’s just a number. It will draw media attention but really doesn’t mean anything other than stocks are once again higher than they have ever been. Remember, what I say all the time in meetings and presentations-the “stock market” has never gone down and not recovered and eventually gone higher. Ever. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
