With word that a truce was declared with China and that work on a trade deal would start again, stocks jumped to record highs at the open, in a euphoric start to trading for the 3rd quarter of the year. But, as the session wore on most of those gains eroded away only to see the bulls rally the troops in the last hour of trading.
By the close, the Dow Jones Industrial Average was up 117 points to finish the day at 26,717. The S&P 500 was up 22 points to close at 2,964. Gold was down $25 to trade at $1,388 per ounce, while oil was up $.75 to trade at $59.22 per ounce on news that OPEC would extend production cuts for another 9 months.
It figures to be a quiet week of trading given the 4th of July holiday on Thursday. We do get employment data on Wednesday and Friday, which the markets will be watching closely, so despite the holiday shortened week the jobs data will, at least, give traders something to chew on. We’ll let you know how it all plays out this week.
Have a nice evening everyone.