Friends
The bulls are putting together a nice little winning streak this week. In these times it’s hard to attribute exactly what is giving market participants the green light. Again, is good news good news? Is bad news good news? What exactly is making bonds go one way today and another way tomorrow? Why do investors feel good enough to buy stocks today when a week ago they were hiding under a rock? Maybe the good news is that investors are looking past the next 10 minutes and focusing on their long-term investment plan. Don’t tell the business news channels. They wouldn’t get it.
Anyway, stocks moved higher this morning and held those gains throughout the trading session. By the close, the Dow Jones Industrial Average was up 346 points to finish the day at 31,383. The S&P 500 was up 57 points to close at 3,902. The Nasdaq Composite Index was up 259 points to close at 11,621. Gold was up $2 to trade at $1,739 per ounce, while oil was up $4.14 to trade at $102.67 per barrel WTI.
Remember, we have the all-important non-farm payroll number tomorrow. The estimates are that about 250,000 new jobs were created in June. Let’s see what the data looks like and how the markets react as we close out this shortened trading week. Stay tuned.
Have a nice evening everyone.
