Stocks are breaking through resistance levels which has to be a disturbing development for the bears. Before the actual announcement of a new trading deal with Mexico, stocks had already had a good start to the trading session. As the President conducted a televised conference call with Mexican leaders, stocks added another leg to the advance. By the close we had new highs for the S&P and Nasdaq. The Dow is still below previous highs, but those highs seem squarely in the sights of the bulls.
For the day, the Dow Jones Industrial Average was up 259 points to close at 26,049. The S&P 500 was up 22 points to finish the day at 2,896. Gold was up $2 to trade at $1,216 per ounce, while oil was up $.14 to trade at $68.86 per barrel WTI.
Today’s move was rather broad based with Industrials and Financials joining the fun. Recently, retailers have been winners and of course the FANG stocks (Facebook, Amazon, Netflix and Google) are back on a winning streak. If the bulls can continue to push stocks to new highs this week, the bears will be under some enormous pressure. Buckle up, looks like we have some activity coming our way.
Have a nice evening everyone.