Friends
Stocks did rally today, but it appeared that the bulls, after six previous winning sessions, were just a bit out of gas. Nevertheless, a gain is a gain.
By the close, the Dow Jones Industrial Average was up 91 points to finish the day at 24,831. The S&P 500 was up 4 points to close at 2,727. Gold was down $2 to trade at $1,319 per ounce, while oil was down $.78 to trade at $70.58 per barrel WTI.
It was a very good week for stocks which added on to the strong finish we had seen last week. We successfully held support for the third time, so one could be encouraged that we have put in a bottom for the time being. Earnings have been good, inflation data has been muted, and the economy and employment data continues to be constructive. We get earnings from retailers next week, so that should give us a read on the consumer, or at least who is garnering the consumer’s dollars. Let’s see if the bulls can keep this winning streak going.
Have a great weekend everyone.
