Friends
Stocks surged higher on a better-than-expected CPI report. Important in the CPI number was that the core which strips out food and energy was the lowest in 2 years helped by rents and shelter inflation finally beginning to falter. There is excitement that this will certainly signal that the Fed is done hiking rates. And all this has been accomplished with unemployment still under 4%. If you see several men and women dancing down Wall Street it might just be the folks from the Federal Reserve.
For the day, the Dow Jones Industrial Average was up 489 points to close at 34,827. The S&P 500 was up 84 points to finish the day at 4,495. The Nasdaq Composite Index was up 326 points to close at 14,094. Gold was up $17 to trade at $1,967 per ounce, while oil was down $.02 to trade at $78.24 per barrel WTI.
It’s funny how on days like today you feel like you don’t have enough of your investment dollars in stocks. But when stocks are falling like this past August and September you feel like you have too much in stocks. That’s why it is always good to have a sound and steady game plan/asset allocation, so you don’t react improperly on days like this. Just enjoy these days when they happen.
Have a nice evening everyone.
