Friends
Stocks rallied today after yesterday’s modest selloff as hopes continue to build that a trade deal with China will eventually come to fruition. This, despite the continued weakening economic data and another disastrous earnings release from a large American icon Kraft Heinz. As we have mentioned, the weakening economy will surely keep the Fed on the sidelines for a while.
For the day, the Dow Jones Industrial Average was up 181 points to close at 26,032. The S&P 500 was up 17 points to close at 2,792. Gold was up $2 to trade at $1,330 per ounce, while oil was up $.25 to trade at $57.21 per barrel WTI.
Despite the less than perfect conditions, stocks posted gains for the week, as has been the case all year long. Every time the bears think they have an upper hand, the bulls sweep the carpet right out from under them. Let’s see if the bulls can keep the bears frustrated next week.
Have a great weekend everyone.
