Friday’s volatility was triggered by news that a Russian convoy was attacked and destroyed in Ukraine, but over the weekend nothing new seemed to happen, and there seemed to be no Russian response. Some were questioning whether the report was incorrect altogether. The apparent calm helped stir confidence in the bulls, and stocks rocketed higher in overnight futures and continued higher during the trading session.
By the close, the Dow Jones Industrial Average was up 175 points to finish the day at 16,838. The S&P 500 was up 16 points to close at 1971. Gold was down $6 to trade at $1299 per ounce, while oil was down $.84 to trade at $96.51 per barrel WTI.
In addition to the economic summit in Jackson Hole Wyoming, traders will be watching other economic data points including CPI and Housing Starts tomorrow, FOMC minutes on Wednesday, Jobless Claims, PMI Manufacturing, Philly Fed, Existing Home Sales and Leading Indicators on Thursday and finally Fed Chair Yellen’s speech on Friday. Of course, headlines from the Middle East or Ukraine can change things at any moment, but as the week begins, the bulls seem to hold the stronger hand. It should be an interesting week.
Have a nice evening everyone.