Friends
Today’s final GDP revisions for the 1st quarter of 2023 showed the economy grew at 2% rather than the 1.3% that had been reported earlier. Of course, that is looking backward and gives no real insight into whether we are heading into a second half slowdown in the economy. Nevertheless, stocks moved higher and continued to broaden out as we near the 2nd quarter finish line.
For the day, the Dow Jones Industrial Average was up 269 points to close at 34,122. The S&P 500 was up 19 points to finish the day at 4,396. The Nasdaq Composite Index was down a fraction to close at 13,591. Gold was down $6 to trade at $1,916 per ounce, while oil was up $.22 to trade a $69.78 per barrel WTI.
The bulls hold the high ground as we head into the quarter close. It will be interesting to see how the second half of 2023 unfolds. For now, though let’s see how the first half of the year finishes out tomorrow.
Have a nice evening everyone.
