Well, for most of the last hour of trading it looked like we were participating in the movie Groundhog Day. After a nice up move, and the S&P 500 once again dancing in new high territory for most of the trading session, stocks began the retreat and fell back to the recent resistance level of S&P 1850. But the bulls charged in the last few minutes of trading sending the S&P to new closing highs.
In the end, the Dow Jones Industrial Average was up 74 points to close at 16,272. The S&P 500 was up 9 points to finish the day at 1854. Gold was up $2 to trade at $1330 per ounce, while oil was down $.36 to trade at $102.23 per barrel WTI.
The weekly jobless claims number was somewhat of a non-event, so traders focused on Ms. Yellen’s appearance before the Senate Banking Committee, where nothing earth shattering was disclosed, but she did indicate that the Fed is attempting to determine whether the recent slowing of economic activity is more than just weather related.
The bulls were able to claim the high ground by the end of the trading session, but one would hardly describe the victory as “impressive”. Let’s see if the bulls can build on today’s success, however dubious it may be. We’ll let you know how the week ends.
Have a nice evening everyone.