Friends
What a day a difference makes. Yesterday, the bears looked firmly in charge, and just a day later, the bulls regrouped and bought the dip. The ADP private payroll number was a little light and the first quarter GDP number was revised lower (but most analysts/economists feel that the second quarter is stronger), but the bulls were reinvigorated nevertheless.
By the close, the Dow Jones Industrial Average was up 306 points to finish the day at 24,667. The S&P 500 was up 34 points to close at 2,724. Gold was up $2 to trade at $1,306 per ounce, while oil was up $1.61 to trade at $68.34 per barrel WTI.
Next up on the economic calendar will be Friday’s non-farm payroll number. Going into the number analysts are looking for about 190,000 new jobs to have been created in May. Of course, inflation watchers will be eyeing the month over month and year over year average hourly earnings number. Let’s first see how the month finishes out tomorrow.
Have a nice evening everyone.
