Friends
Stocks once again were able to reverse some early morning weakness and move higher after the Senate nomination hearings Q&A with Fed Chair Powell. The Fed Chair did not really reveal anything new with regards to future monetary policy, but market participants decided to do some buying regardless.
By the close the Dow Jones Industrial Average was up 183 points to finish the day at 36,252. The S&P 500 was up 42 points to close at 4,713. The Nasdaq Composite Index was up 210 points to close at 15,153. Gold was up $22 to trade at $1,821 per ounce, while oil was up $3.19 to trade at $81.42 per barrel WTI.
Tomorrow we get the CPI number and on Thursday we get the PPI, so we and the Fed will have more inflation data to chew on this week. Then it’s earnings season with some banks reporting later this week and then a full calendar of earnings over the next few weeks. So, buckle up. There will likely be some interesting market action in the next few days.
Have a nice evening everyone.
