Despite more domestic tragedy, Saudi intrigue and continued concerns about North Korea stocks simply forge ahead. It appears that nothing seems to be able to derail the stock markets march toward year end (was that just the kiss of death?). Oil prices have risen given the Godfather type happenings in Saudi Arabia, as WTI has broken out of its trading range for the moment.
As for stocks, it was a quiet advance with the Dow Jones Industrial Average up 9 points to finish the day at 23,548. The S&P 500 was up 3 points to close at 2,591. Gold was up $12 to trade at $1,281 per ounce, while the aforementioned oil was up $1.72 to trade at $57.36 per barrel WTI.
We still have some earnings to work through, but the lion’s share of corporations have reported, and the results have been mostly good. Yes, some stocks were not priced correctly, but even those that took an immediate hit, seem to find support and begin to work their way back higher. I guess that is what defines a bull market. We have the bulk of earnings reports behind us, the Fed meeting and appointment of new Fed Chair behind us, and the non-farm payroll number behind us. Let’s see what draws market participants attention this week. Stay tuned.
Have a nice evening everyone.