Stocks were enjoying another nice day for the bulls, until word came of a dust up between the President and Democrat leaders. Although some gains were surrendered, the bulls were able to hold onto the high ground and post a fourth straight day of gains for stocks.
By the close, the Dow Jones Industrial Average was up 91 points to finish the day at 23,879. The S&P 500 was up 10 points to close at 2,584. Gold was up $9 to trade at $1,294 per ounce, while oil was up $2.49 to trade at $52.27 per barrel WTI.
The next real test, beyond all the political theater that we have to deal with on a daily basis, is earnings season. A week ago, we were priced rather modestly, but after the recent bounce in stock prices, I’m not so sure that the bar hasn’t been raised back up a bit. It will be interesting to see how stocks react to good, or not so good earnings reports. We’ll be watching.
Have a nice evening everyone.