Friends
While the President was announcing that the U. S. was withdrawing from the Paris accord, stocks were rallying to new all-time highs. The ADP private payroll number this morning was much better than expected and tees up tomorrow’s non-farm payroll release. The guestimates are that about 170,000 new jobs were created in May. A robust number might give the Fed enough clearance to raise rates two weeks from now at the June FOMC meeting.
As for stocks, by the close the Dow Jones Industrial Average was up 135 points to finish the day at 21,144. The S&P 500 was up 18 points to close at 2,430. Gold was down $4 to trade at $1,270 per ounce, while oil was down $.28 to trade at $48.04 per barrel WTI.
Not sure if the bulls regained the high ground today, but it’s encouraging that the “sell in May and go away” or “the June swoon” didn’t raise its ugly head on this first trading day of June. Let’s see how the week finishes up tomorrow.
Have a nice evening everyone.
