Friends
Well, the bulls brought it strong to the finish line. The final trading day of the first half of the year saw stocks move higher across the board. It had the feel of positioning at quarter end, nevertheless the market averages had a really good day, and a really good first half of the year.
By the close the Dow Jones Industrial Average was up 283 points to finish the day at 34,405. The S&P 500 was up 53 points to close at 4,450. The Nasdaq Composite Index was up 196 points to close at 13,787. Gold was up $9 to trade at $1,927 per ounce, while oil was up $.66 to trade at $70.52 per barrel WTI.
It is true that the first half of the year was a little uneven with a handful of super star stocks rocketing higher while many stocks and sectors were left behind. Will there be more broadening out in the second half of 2023? Will the super star stocks continue to defy gravity and carry the market averages even higher yet? Or will the much-anticipated recession finally make an appearance and derail what is being labled a new bull market? So many questions to ponder over the 4th of July holiday weekend. Of course, the 4th is next Tuesday. The market will be open for a half day of trading on Monday and then be closed on Tuesday. Unless something special happens Monday we will be back reporting to you next Wednesday the 5th.
Have a great 4th of July holiday everyone.
