It was a very quiet trading session, interrupted only by the death of oil giant Aubrey McClendon (apparent suicide) only a day after being indicted for alleged bid rigging with regards to oil and natural gas leases. This was a stunning development in what had been a somewhat quiet day. As for stocks, despite yesterday’s surge, the bears were only able to muster a minor push back before the bulls were able to once again move share prices higher.
By the close, the Dow Jones Industrial Average was up 34 points to finish the day at 16,899. The S&P 500 was up 8 points to close at 1986. Gold was up $10 to trade at $1,241 per ounce, while oil was up $.38 to trade at $34.78 per barrel WTI.
It’s not surprising that market participants needed to digest yesterday’s gains, and again it was somewhat encouraging that what dips there were, were quickly erased by the bulls. Today’s ADP private payroll number came in a little better than expected, so that tees up Friday’s non-farm payroll number. Let’s see if the bulls can keep the momentum as March unfolds.
Have a nice evening everyone.