When I was preparing for the week Sunday evening, I felt pretty sure it was going to be a difficult one for the bulls. Boy, was I wrong. Stocks have gone up all week, despite continuing concerns over the coronavirus. Yes, we have had some good news with regards to possible treatments and even a vaccine, but the fact is that the number of cases continues to grow. The stock market, however does not seem to care. Maybe a good ISM manufacturing number combined with a good ISM non-manufacturing (service sector)number, and a much better than expected ADP private payroll number, were enough to embolden the bulls. Whatever the reason, stocks are soaring this week, and I for one, am a bit surprised.
Anyway, by the close the Dow Jones Industrial Average was up 483 points to finish the day at 29,290. The S&P 500 was up 37 points to close at 3,334. Gold was up $5 to trade at $1,560 per ounce, while oil was up $1.44 to trade at $51.05 per barrel WTI.
Once again, we’ll get the non-farm payroll number on Friday. Until then, let’s see if the bulls can continue this run for the remainder of the week. Stay tuned.
Have a nice evening everyone.