Friends
As we expected, stocks were so oversold we were due for some type of rally. Despite this morning’s weak consumer sentiment number, stocks seemed relieved that we didn’t have tariff talk during the trading session. Is the coast clear? No, we still likely have a lot of volatility ahead, but it’s good to see stocks go up at least for a day.
By the close, the Dow Jones Industrial Average was up 674 points to finish the day at 41,488. The S&P 500 was up 117 points to close at 5,638. The Nasdaq Composite Index was up 451 points to close at 17,754. Gold was up $1 to trade at $2,991 per ounce, while oil was up $.66 to trade at $67.21 per ounce.
Adding to our discussion about keeping things in perspective, this 10% correction makes it 24 out of the last 46 years where we had a 10% or more correction. So again, volatility is not unusual and more than 50% of the time stocks end higher for the year after a 10% correction. Let’s enjoy today’s rally, marinate some ice cubes, and be ready for next week.
Have a great weekend everyone.
Jim
