If you thought yesterday’s ugly reversal in stocks, combined with continuously worsening Covid-19 headlines and difficult talk from the nation’s biggest banks was going to send stocks tumbling today, well, you’d be wrong. Despite plenty of reasons for stocks to be weak, including some of the favored names actually pulling back just a bit, the market averages recouped yesterday’s early gains and then some.
By the close, the Dow Jones Industrial Average was up 556 points to finish the day at 26,642. The S&P 500 was up 42 points to close at 3,197. Gold was down $1 to trade at $1,812 per ounce, while oil was up $.13 to trade at $40.23 per barrel WTI.
This really was an interesting day for stocks. We saw some rotation as the Dow and the S&P outperformed Nasdaq for a change. But, after yesterday’s late day reversal we were set up for a down session, at least early. That did not develop and the bulls put together a different buy list today and got to work. I have no idea what to expect for tomorrow. Guess we’ll just have to fire everything up first thing in the morning and see what’s in store for us.
Have a nice evening everyone.