A bevy of really good economic numbers, including last Friday’s jobs number (released when markets were closed) and today’s sparkling ISM Services number, helped spark a tasty rally in stocks to begin the week. It was an eclectic mix with some growth names participating in the rally as well as some of the value names that have been so sought after lately.
By the close, the Dow Jones Industrial Average was 373 points to finish the day at 33,527. The S&P 500 was up 58 points to close at 4,077. The Nasdaq Composite Index was up 225 points to close at 13,705. Gold was up $1 to trade at $1,728 per ounce, while oil was down $2.70 to trade at $58.75 per barrel WTI.
I admit that I keep wondering if most, if not all, of the good economic news is already priced into stocks. A day like today, when stocks rally on good economic news, makes me wonder if I am underestimating the power of the reopening trade in the second half of 2021. Well, I guess we will all find out together as things unfold. But, for today, the bulls are firmly in control.
Have a nice evening everyone.