Worries that the 2nd quarter GDP number would be revised downward were overblown as this morning’s release showed the number actually increased from 4.1% to 4.2%. Stocks responded with a good day for the bulls, led by the Nasdaq which was up nearly 1% for the day. Good economic data and positive movement on trade deals has the bulls feeling pretty good about things at the moment.
For the day, the Dow Jones Industrial Average was up 60 points to close at 26,124. The S&P 500 was up 16 points to finish the day at 2,914. Gold was down $2 to trade at $1,212 per ounce while oil was up $1.18 to trade at $69.71 per barrel WTI.
As mentioned, Nasdaq was the big winner today with Amazon, Apple, and Google leading the way. These stalwarts continue to lead the market higher, which is understandable given their growth prospects. Growth has been rewarded in this bull market. Value, on the other hand, has had more difficulty in recent years. Anyway, let’s see how the rest of the week plays out.
Have a nice evening everyone.