Friends
Higher long-term interest rates and higher energy prices have been kryptonite for stocks recently, but the bulls were able to squeeze out a small gain in the market averages today despite bond yields rising on the long end of the yield curve. All in all, though, the markets are limping into quarter end like a wounded puppy.
As for today, by the close the Dow Jones Industrial Average was up 43 points to finish the day at 34,006. The S&P 500 was up 17 points to close at 4,337. The Nasdaq Composite Index was up 59 points to close at 13,271. Gold was down $10 to trade at $1,934 per ounce, while oil was down $.09 to trade at $89.94 per barrel WTI.
I would expect stocks to be choppy this week as we move towards the end of the quarter. The aforementioned bond market appears to be setting the tone on a daily basis, so we’ll see how bonds trade into quarter end. We are in the middle of the second year in a row of sizable losses in long-term bonds with the TLT down more than 10% YTD. It should be an interesting week for traders. Stay tuned.
Have a nice evening everyone.
