Stocks continue the advance to new highs, as a lack of disastrous global headlines and continued strengthening economic data have the bears on the run. Jobless claims slipped back under 300,000 while the PMI Manufacturing Index was a blowout number to the upside. With corporate earnings and revenues growing at 10% and 5% YTD respectively, the “growth slowing” crowd might be questioning their thesis.
As for today, the Dow Jones Industrial Average was up 60 points to close at 17,039. The S&P 500 was up 5 to finish the day at 1992. Gold was down $16 to trade at $1278 per ounce, while oil was up $.59 to trade at $94.04 per barrel WTI.
Janet Yellen speaks at the Jackson Hole conference tomorrow, so that is likely what traders will be focusing on. Despite the slow summer volume, stocks have shrugged off July’s pullback and regained most everything that was lost. The resilience of this market is remarkable. Let’s see how the week ends tomorrow.
Have a nice evening everyone.