Friends
Stocks had a nice opening this morning and basically held those gains for the rest of the trading session. For the bulls, this was a nice follow through to late last week’s rally. The catalyst this morning, similar to last Thursday and Friday, was interest rates ticking up just a bit. The 10 year Treasury note’s yield, which had plunged below 1.50% early last week, has now risen to a whopping 1.60%.
As for today, by the close the Dow Jones Industrial Average was up 249 points to finish the day at 26,135. The S&P 500 was up 34 points to close at 2,923. Gold was down $17 to trade at $1,505 per ounce, while oil was up $1.37 to trade at $56.24 per barrel WTI.
It was a good start to the week for the bulls, but as we know we are always just a tweet or a headline away from disruption. At the end of the week, Fed Chair Powell will be speaking at the Jackson Hole conference, and the market’s eyes and ears will be paying close attention. Let’s see how this week plays out before all that.
Have a nice evening everyone.
