After all the hand wringing about the Ebola case in New York City, and the subsequent drop in overnight trading of the S&P futures, stocks staged an impressive rally in today’s trading. It seems market participants had several hours to calm down before normal market hours this morning, and the bulls decided to snap up some shares that were still marked down from previous highs.
By the close, the Dow Jones Industrial Average was up 127 points to finish the day at 16,805. The S&P 500 was up 13 points to close at 1964. Gold was up $1 to trade at $1230 per ounce, while oil was down $.94 to trade at $81.17 per barrel WTI.
All eyes will be on the Fed next week, with the FOMC meeting scheduled to begin on Tuesday. So far, earnings season has been mixed, but there has been enough good to stem the bearish tide that was developing just last week. Wow, what a difference a week makes. The S&P hit a low of 1820 just last Wednesday. Closing today at 1964, the S&P has had a better than 7% bounce back since then. After an 9.50% fall from the highs, that is impressive. Let’s see what the Fed and the markets have in store for us next week.
Have a great weekend everyone.