Friends
One day does not a market make, but today’s surge in stock prices was impressive given the move higher in bond yields. It’s early, but earnings seem to be fine so far, so that helps, but today’s bullish action might just be best contributed to the fact that selling to pay income taxes is finally done. Whatever the case, stocks moved higher early and maintained the positive direction throughout the trading session.
By the close, the Dow Jones Industrial Average was up 499 points to finish the day at 34,911. The S&P 500 was up 70 points to close at 4,462. The Nasdaq Composite Index was up 287 points to close at 13,619. Gold was down $36 to trade at $1,949 per ounce, while oil was down $5.53 to trade at $102.28 per barrel WTI.
Although, I expect earnings will continue to be relatively good over the coming weeks, there are likely to be some that disappoint. How stocks respond to earnings releases and management commentary is always the key to determining how stocks are priced at the moment. Stay tuned, it should be a busy next couple of weeks.
Have a nice evening everyone.
