Friends
Despite concerns and reports of worldwide cyber- attacks, stocks opened higher this morning and were able to hold most of the gains throughout the trading session. The bulls appear emboldened by the lack of progress the bears have been able to make. Earnings have been good, outlooks are a bit rosier and confidence seems to be holding. The usual “sell in May, and go away” mantra hasn’t really taken hold, so the bulls may be able to use the business friendly environment to build some positive momentum for stocks. We’ll see.
As for today, by the close the Dow Jones Industrial Average was up 85 points to finish the day at 20,981. The S&P 500 was up 11 points to close at 2,402. Gold was up $3 to trade at $1,230 per ounce, while oil was up $1 to trade at $48.84 per barrel WTI.
After last week’s lackluster week for stocks, today was a welcome relief for the bulls, but we haven’t seen much follow through of any kind in many weeks. Will this week be different? It’s a quiet week for economic data, but we still have a few more retailers to report quarterly earnings. So far, things haven’t gone so well for retailers not named Amazon. Let’s see how things play out over the next few trading sessions. Can the bulls get something started?
Have a nice evening everyone.
