Stocks continue to drive higher, all worries or worriers be damned. This has truly been a couple of amazing weeks for the stock market. Despite concerns about stalling global growth at the hands of the coronavirus, the market averages continue to surge to new all-time highs. Earnings season has been acceptable, but certainly not one that would inspire an overabundance of confidence. Nevertheless, the bulls seem to be firmly in charge of the situation while the beleaguered bears are left to simply sit back and watch.
For the day, the Dow Jones Industrial Average was up 275 points to finish the day at 29,551. The S&P 500 was up 21 points to close at 3,379. Gold was down $1 to trade at $1,569 per ounce, while oil was up $1.56 to trade at $51.50 per barrel WTI.
The Fed Chairman seemed to get through two days of Congressional testimony without any real issues, so the markets are confident that the Fed is on hold, unless needed, for quite some time. Let’s see if the bulls can keep the bears on the run for the rest of the week. Stay tuned.
Have a nice evening everyone.