Good news on the medical therapeutic treatment drug front moved stocks higher today, and confirmation from Fed Chair Powell that the Fed is all in kept stocks higher. Now, of course, the Fed does have some limitations, but Chair Powell made it clear that any tool in the toolbox will be used. The rest, of course, is up to Congress and fiscal policy.
As for today, the Dow Jones Industrial Average was up 532 points to close at 24,633. The S&P 500 was up 76 points to finish the day at 2,939. Gold was up $8 to trade at $1,730 per ounce, while oil was up $3.02 to trade at $15.36 per barrel WTI.
Google had a pretty good earnings report after the close yesterday, and its stock rose sharply today. And, we are seeing the recent laggards finally participate in the rally as energy and financials climbed for the second day in a row. Remember, we have talked about why stocks are rallying and today we got confirmation on both fronts – good medical news and comforting Fed dialogue. Let’s see if the bulls can keep this rally going. Remember, more earnings to come including Microsoft, Facebook, and Tesla this afternoon, and Apple and Amazon tomorrow. Stay tuned.
Have a nice evening everyone.