Stocks continued to edge higher today, as the bulls were able to hold on to most of the early morning gains. Once again, Apple, Microsoft, Amazon, Facebook and other big growth names led the way. These stocks have provided a major portion of the move off of the March 17th lows. This trade seems a little crowded at the moment, but that doesn’t seem to be discouraging new money from finding its way into these market darlings.
As for today, by the close the Dow Jones Industrial Average was up 130 points to finish the day at 26,155. The S&P 500 was up 13 points to close at 3131. Gold was up $17 to trade at $1,784 per ounce, while oil was down $.55 to trade at $40.18 per barrel WTI.
We have seen volatility lessen a bit over the past week, and we thought that would happen after the dramatic down day we had the week before last. As mentioned, investors seem content to pile into recent winners and ride the wave to higher prices, but it is creating quite a gap that a correction in these names may have to fill sometime in the near future. There I go again, trying to rain on the parade. I’ll try to behave myself.
Have a nice evening everyone.