Stocks reached all-time highs today, as both the Dow and the S&P 500 soared to new heights. So much for concerns about trade wars and rising interest rates (the Fed will surely raise the Fed Funds rate at next week’s meeting). Instead, the bulls seem to have everything working in their direction – the economy is good, consumer confidence is high, and investor sentiment is certainly not exuberant.
As for today, by the close the Dow Jones Industrial Average was up 251 points to finish the day at 26,656. The S&P 500 was up 22 points to close at 2,930. Gold was up $4 to trade at $1,212 per ounce, while oil was down $.35 to trade at $70.77 per barrel WTI.
Remember, September is often a challenging month for stocks, but none of that seems to matter at the moment. Our attention will be on the Fed next week and the FOMC meeting which begins Tuesday and will conclude with the expected rate hike on Wednesday. This economy and this market seem plenty able to absorb this coming rate hike and likely one in December too. For now, let the bulls run.
Have a nice evening everyone.