Friends
Stocks finished the quarter strong with the market averages pushing new all-time highs. We’ve said that conditions have been right for higher stock prices and that was certainly true in the first quarter of 2024. We have also worried that valuation is stretched at the moment but are reminded that valuation is not a timing mechanism. Markets can stay “overvalued” or “undervalued” for extended periods. So, for now we enter the second quarter with the bulls occupying the high ground.
As for today, by the close the Dow Jones Industrial Average was up 47 points to finish the day at 39,807. The S&P 500 was up 5 points to close at 5,254. The Nasdaq Composite Index was down 20 points to close at 16,379. Gold was up $27 to trade at $2,239 per ounce, while oil was up $1.66 to trade at $83.01 per barrel WTI. For those keeping score at home, both Gold and Bitcoin finish the quarter at all-time highs too.
Remember, the markets are closed for Good Friday tomorrow so we will be back with you on Monday. In the meantime…
Have a great Easter weekend everyone.
Jim
