Friends
It was an odd day for the market averages. Stocks fell at the open only to slowly work into the positive territory (other than the Nasdaq) as the trading session wore on. Interest rates on the long end of the yield curve continue to draw the most attention from traders as the 10-year Treasury Note yield pushes towards 5%. We are going to get inflation data this week with producer prices tomorrow and the CPI on Wednesday. These will be very interesting data points for both bonds and stocks for the near term.
As for today, by the close the Dow Jones Industrial Average was up 358 points to finish the day at 42,297. The S&P 500 was up 9 points to close at 5,836. The Nasdaq Composite Index was down 73 points to close at 19,088. Gold was down $35 to trade at $2.679 per ounce, while oil was up $2.14 to trade at $78.71 per barrel WTI.
In addition to inflation data, we will see the start of earnings season later in the week with several of the big banks reporting. Buckle up, it could be a volatile week.
Have a nice evening everyone.
Jim
