As we finish up the first half of February and head into a much welcomed three day weekend, we find the market averages dancing near or at all-time highs. After the mess that was January for stocks, the first half of February has been very tasty indeed. Never mind that we still have to find a resolution with regards to Greek debt, and earnings season was just ok, and recent economic data has been lukewarm at best. The bears just weren’t able to take advantage of the January swoon, hence the bulls hold the high ground as we enter the Presidents Day holiday weekend.
As for today, the Dow Jones Industrial Average was up 46 points to close at 18019. The S&P 500 was up 8 points to close at a new all-time high of 2096. Gold was up $7 to trade at $1228 per ounce, while oil was up $1.38 to trade at $52.59 per barrel WTI.
We’ll enjoy the three day weekend and get back at it next Tuesday. Earnings season has all but ended (except for some retailers), so traders will be taking their cues from economic data both domestically and abroad, and keeping their eye on the Greek situation. We’ll see if the bulls can continue their February charge.
Have a great weekend everyone.