Friends
In today’s trading, stocks recovered the gains that they gave up late yesterday when news hit of the raid of the personal attorney of President Trump. We’ve seen this pattern play out often over the past weeks as stocks react immediately to news headlines, then reverse course after some time passes and the news is determined to be less than catastrophic. On the economic front, the Producer Price Index was a little hotter than expected which will direct all eyes to tomorrow’s CPI number.
As for stocks, by the close the Dow Jones Industrial Average was up 428 points to finish the day at 24,408. The S&P 500 was up 43 points to close at 2,656. Gold was up $4 to trade at $1,344 per ounce, while oil was up $2.32 to trade at $65.74 per barrel WTI.
As mentioned, while we are waiting for earnings season to begin, we get another look at inflation tomorrow morning. Of course, in addition to economic data and corporate earnings releases, we will continuously be subject to headlines that can move markets in seconds. Let’s see what tomorrow’s CPI number looks like.
Have a nice evening everyone.
