Friends
Bonds continued to sell off today, but stocks reversed course and the market averages enjoyed a nice rally. The ADP private payroll number was weaker than expected, but I’m not sure that factored into today’s move. One might have thought the ADP miss would have caused bonds to rally a bit. Of course, the more important number is Friday’s non-farm payroll number. That one could set the tone for the following week as we work our way into earnings season.
As for today, by the close the Dow Jones Industrial Average was up 112 points to finish the day at 18,281. The S&P 500 was up 9 points to close at 2,159. Gold was down a fraction to trade at $1,269 per ounce, while oil continued to climb with WTI up $1.06 to trade at $49.75.
Volatility is continuing into October, as market participants seem confused with so much uncertainty with regards to politics and central banks. Perhaps the coming earnings season can give us something tangible to sink our teeth into. Let’s get by Friday’s jobs report first.
Have a nice evening everyone.
