A bevy of positive economic data helped move stocks to new highs today, as traders came back from the three day holiday weekend with a shopping list in hand. The durable goods number was much better than expected, the Case-Shiller index showed that home price appreciation remains strong, and the service sector PMI showed continued growth in the service sector of the economy.
As for today, by the close, the Dow Jones Industrial Average was up 69 points to finish the day at 16,675. The S&P 500 was up 11 points to close at 1911. Gold was down $24 to trade at $1267 per ounce, while oil was down $.21 to trade at $104.14 per barrel WTI.
What is making this market so difficult to read for the professionals is the various cross currents that are present. Bonds are telling one story (slow growth), yet stocks tell another story. Then within the stock market we are getting weird rotations that seem to go against the reason that stocks are going up in the first place. Hence, are stocks really predicting growth or not? Well anyway, let’s see how the rest of this week plays out.
Have a nice evening everyone.