Friends
Stocks cooled off a little today, as concerns that the folks on the Hill are far apart on a second stimulus bill seemed to weigh on the markets. Big growth names Apple and Amazon fared well, but the stocks that had been favored in recent sessions saw some selling pressure. I’ve been curious, given the economic conditions, whether economically sensitive stocks could continue to push higher and help the market averages reach new highs. The broadening out stalled, but let’s see if that is just a pause or will we see the bulls head right back to the big growth names. We already know what the bears think.
By the close, the Dow Jones Industrial Average was down 80 points to finish the day at 27,896. The S&P 500 was down 6 points to close at 3,373. The Nasdaq Composite Index was up 30 points to close at 11,042. Gold was up $15 to trade at $1,964 per ounce, while oil was down $.33 to trade at $42.34 per barrel WTI.
I, for one, wouldn’t mind seeing some fundamentals catch up with prices as we move into the second half of the year. But, as we know this is a liquidity driven game and there are few alternatives for return seeking investors. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
