Friends
As we wait for the Twitter IPO (to be priced this afternoon and begin trading tomorrow), the bulls took advantage of a quiet news day to send stocks to new all-time highs. The business news channels are a buzz over the Twitter listing, but the hype is always a bit risky. Remember the mess that was the Facebook offering, with most of the blame focused on NASDAQ. Twitter is listing on the NYSE, so it will be interesting to see if the Big Board can do a better job than NASDAQ did.
As for the markets, the Dow Jones Industrial Average finished the day up 128 to close at 15,746. The S&P 500 was up 7 to finish the day at 1770. Gold was up $9 to trade at $1317 per ounce, and oil was up $1.49 to trade at $94.86 per barrel WTI.
Tomorrow we get the weekly jobless claims number, and of course Friday is the non-farm payroll number. Stocks keep on defying gravity (or the bears), as we seem to be back to TINA (there is no alternative). As we know of course, the markets tend to confound the majority of participants the majority of the time. Let’s see how the rest of the week goes.
Have a nice evening everyone.
