The markets do love central bank intervention don’t they? Just when Janet Yellen and the Fed are wrapping up QE here at home, the Bank of Japan has decided to take it up a notch. The result- a falling Yen, a surging dollar, collapsing gold (in dollar terms), and a rally in stocks.
For the day the Dow Jones Industrial Average was up 194 points to finish the day at 17,389. The S&P 500 was up 23 points to close at 2017. Gold was down $26 to trade at $1172 per ounce, while oil was down $.55 to trade at $80.57 per barrel WTI.
Besides the BOJ decision to increase asset purchases, domestic earnings continue to be better than expected. Not great, but they didn’t have to be. Regardless, it was another good week for stocks. Just 2 weeks ago it looked like Armageddon. Amazing how that works.
Have a great weekend everyone.