Friends
If Fed officials are having second thoughts about an interest rate hike sometime this year, the often mentioned economic data points are providing plenty of cover. After yesterday’s dismal retail sales number, we got a very weak PPI number today, confirming that inflation is nowhere to be found on the wholesale level either. Yes, the weekly jobless claims number continues to be encouraging, but remember recent non-farm payroll numbers have only been ok.
Nevertheless, traders, seemingly in the TINA mode, bid up share prices right from the start of trading today and the bulls were able to hold onto the gains for the entire trading session. By the close, the Dow Jones Industrial Average was up 191 points to finish the day at 18,252. The S&P 500 was up 22 points to close at 2121. Gold was up $3 to trade at $1221 per ounce, while oil was down $.73 to trade at $59.77 per barrel. Bonds had a slight upward bias (rates down), which would be expected after the soft economic numbers this week.
After an ugly start to the week, things have turned around for the stock market and if the bulls can hold the high ground tomorrow, we can end up with a positive week overall. Let’s see how the week finishes up tomorrow.
Have a nice evening everyone.
