The bulls were holding on to a nice rally, one that was similar to last week in that it was broader than recent advances, when headlines began to indicate that a new relief bill out of Congress wasn’t going to be a slam dunk. At least it appears that there will be plenty of haggling and that it might take some time for it to come to fruition. I don’t see that they have any other options at this point. The economy and American’s out of work are going to still need a lot of help.
Stocks were able to hold on to modest gains and by the close the Dow Jones Industrial was up 159 points to finish the day at 26,840. The S&P 500 was up 5 points to close at 3,257. Gold was up $24 to trade at $1,842 per ounce, while oil was up $.95 to trade at 41.76 per barrel WTI.
After yesterday’s surge in the big name growth stocks, they once again, similar to last week, were underperformers today. It would be nice to see things broaden out a bit, but most market participants remain skeptical that it will last more than a few days every week or two. It’s early, but so far earnings seem to be surprising slightly to the upside. Well, maybe expectations are so low that it is hard not to exceed them. Let’s see if the trend continues.
Have a nice evening everyone.