Market participants, relieved that tensions with Iran seem to have lessened, sent stocks higher again today. Yes, it is enjoyable to watch the market averages hit new highs day after day, but the speed and ease of this move is starting to feel just a little excessive. Sure, Apple is a great company, selling great products, but a stock that almost always sold below the market multiple now trades well above the market multiple. Stocks like Apple, Google, Netflix, Facebook and Tesla seem to go up every day, giving the market a little bit of a frothy feel. Ok, I’ll stop worrying for now, and just enjoy the ride.
For the day, the Dow Jones Industrial Average was up 212 points to close at 28,956. The S&P 500 was up 21 points to finish the day at 3,274. Gold was down $8 to trade at $1,551 per ounce, while oil was up $.03 to trade at $59.64 per barrel WTI.
Tomorrow we get the non-farm payroll number. Analysts expect the number to show that about 165,000 new jobs were created in December. Next, we will turn our attention to corporate earnings, I hope. Stocks are pricing in good news, so let’s hope corporate America can deliver. It’s been a wild week; let’s see how it finishes out tomorrow.
Have a nice evening everyone.