Finally, something to get excited about this week. Stocks had been lingering in negative territory for most of the trading session until word out of the Eurozone that a Greek deal was imminent. Basically, they have been given a four month extension, and will be monitored by the very institutions they said they would never allow to monitor them again (oh well, we know about campaign promises, don’t we?). All this sent stocks into the black and the rally continued into the close.
For the day, the Dow Jones Industrial Average was up 154 points to close at 18,140. The S&P 500 was up 12 points to finish the day at 2110. Gold was down $7 to trade at $1200 per ounce, while oil was down $.82 to trade at $50.34 per barrel WTI.
As I mentioned, finally traders had something they could chew on. It was looking like the week was going to be a total waste of a clean shirt and cab fare. We’ll get a busier economic data calendar next week including our second look at 4th quarter GDP next Friday. The bulls got a gift here at the end of the week. Let’s see if they can build on it when trading begins on Monday.
Have a great weekend everyone.