After stocks experienced a little left over selling from Friday, the buyers stepped in and once again the market averages were pushed towards all-time highs. No, the coronavirus headlines really don’t seem to be getting any better, but market participants just don’t seem to care at the moment. You know how I’ve expressed my concerns, but investors are looking past the possible global economic damage that the virus could do-at least for the time being.
By the close, the Dow Jones Industrial Average was up 174 points to finish the day at 29,276. The S&P 500 was up 24 points to close at 3,352. Gold was up $2 to trade at $1,576 per ounce, while oil was down $.79 to trade at $49.53 per barrel WTI.
As we wind down earnings season, it appears that corporate America delivered enough to satisfy investors, even at these somewhat loftier levels. With Boeing’s issues and the effects of the coronavirus, growth, both global and domestic will be muted early in the year, but as mentioned market participants are looking past that for the moment. Fed Chair Powell will be testifying before Congress on Tuesday and Wednesday, so we’ll be monitoring that as the week unfolds. Stay tuned, it could be another busy week.
Have a nice evening everyone.