On Sunday night, CBS 60 Minutes aired an interview with Fed President Jerome Powell in which he again reiterated that the Fed has plenty of firepower to support markets and it will use every bit of it if necessary. This put a little charge into stock futures overnight. Then this morning positive reports on a vaccine from the biopharma company Moderna added fuel to the fire. Add to all of this the reopening of states around the country and we had quite a positive cocktail mix for the bulls to partake in. Stocks opened up nicely higher and added to their gains as the trading session wore on.
By the close, the Dow Jones Industrial Average was 911 points to finish the day at 24,597. The S&P 500 was up 90 points to close at 2,953. Gold was down $20 to trade at $1,735 per ounce, while oil was up $2.93 to trade at $32.36 per barrel WTI.
We get earnings this week from retailers including Home Depot, Walmart, Kohls, TJX, Lowes, L Brands, Best Buy and Target. We already know there have been the haves and the have nots when it comes to retail, and I expect that to be illustrated fully this week. What a great start to the week for the bulls. Let’s see if they can parlay it into a new leg to this recovery rally. Stay tuned.
Have a nice evening everyone.