Friends
We saw more good retail numbers from Target and Lowe’s. It’s not really surprising that the stores that were deemed essential and were allowed to remain open during quarantine have been the beneficiaries of consumer dollars, but having said that there are a handful of retail names that have done a very good job during the crisis. Stocks in general were not able to hold onto early gains and slipped into negative territory as the trading session wore on.
By the close, the Dow Jones Industrial Average was down 85 points to finish the day at 27,692. The S&P 500 was down 14 points to close at 3,374. The Nasdaq Composite Index was down 64 points to close at 11,146. Gold was down $67 points to trade at $1945 per ounce, while oil was down $.13 to trade at $42.76 per barrel WTI.
The bulls have been successful pushing stocks back to previous highs, but there seems to be a bit of resistance here at these levels. Today’s Fed minutes release was unsurprisingly dovish as the central bankers are very concerned about the effects of the pandemic on the economy, and Fed officials seem determined to do anything in their power to provide support. As we have known now for some time, the Fed is all in.
Have a nice evening everyone.
