Friends
I’ll admit it. I am a little surprised at the strength in equities today and this week for that matter. The inflation picture is surely better than a year ago, but recent data indicates, to me at least, that the Fed might still have some work to do. Just look at the price of oil. I know it is excluded from the core CPI number, but still. Anyway, the bulls seem to have shrugged off the weakness in the generals like Apple and have bought in other areas of the market.
For the day, the Dow Jones Industrial Average was up 331 points to close at 34,907. The S&P 500 was up 37 points to finish the day at 4,505. The Nasdaq Composite Index was up 112 points to close at 13,926. Gold was down $2 to trade at $1,930 per ounce, while oil was up $1.81 to trade at $90.33 per barrel WTI.
Again, as you know I don’t usually like to rain on the parade, but given the seasonality and the benign, at best, economic and inflation data, it is impressive that the bulls have become so emboldened. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
