It was looking to be a somewhat quiet, nondescript sort of day, when all of a sudden a little rally in stocks broke out. Earnings continue to be ok as we look backward, but companies are basically refusing to try to give any forward guidance at this point. And, on the medical front, I think we are all just a little bit exhausted after hearing what drugs might work, what drugs aren’t working, who says this and who says that. It’s all a bit overwhelming.
Anyway, by the close the Dow Jones Industrial Average was up 260 points to finish the day at 23,775. The S&P 500 was up 38 points to close at 2,836. Gold was down $4 to trade at $1,740 per ounce, while oil was up $.62 to trade at $17.12 per barrel WTI.
After 2 strong weeks for stocks, it would not have been surprising to see things pull back just a bit, and given the oil drama early in the week, it is really surprising that the week ends up just slightly negative. I’d say the bulls would take that and run. We’ll get some rest and be ready to go next week. Stay tuned.
Have a great weekend everyone. Stay safe.