It’s a big week for earnings with Apple, Amazon and Google all reporting after the close on Thursday. We also have a Fed meeting which will conclude with Chair Powell’s press conference on Wednesday. As for today, news of drug companies moving into phase 3 trials for Covid-19 vaccine drugs helped set a positive tone from the open. Stocks drifted in positive territory for the remainder of the trading session, as traders gear up for the busy earnings week ahead.
For the day, the Dow Jones Industrial Average was up 114 points to close at 26,584. The S&P 500 was up 23 points to finish the day at 3,239. Gold was up $32 to trade at $1,930 per ounce, while oil was up $.31 to trade at $41.60 per barrel WTI.
Gold hit an all-time high today as the weak dollar, zero interest rates and explosive government spending continues to send the precious metal higher. On the bond front, government auctions, like today’s 5 year Treasury note, keep setting new all-time lows for yield which continues to make portfolio construction and the search for yield more and more difficult. Buckle up, it should be a busy week.
Have a nice evening everyone.