Another interesting day. Stocks once again seemed to ignore the daily drumbeat of negative economic data (today’s being the negative Philly Fed Survey, although to be fair Leading Indicators were ok, PMI Manufacturing Index Flash was too). Regardless, stocks shrugged off yesterday’s ugly reversal day and forged higher throughout the session.
By the close, the Dow Jones Industrial Average was up 92 points to finish the day at 16,133. The S&P 500 was up 11 points to close at 1839. Gold was up $3 to trade at $1323 per ounce, while oil was down $.39 to trade at $102.92 per barrel WTI.
The bulls were able to erase much of yesterday’s damage, so it will be interesting to see if they can get some follow through tomorrow to end the week. Once again we are getting close to that line in the sand, S&P 1848. We’ll let you know how the week ends up.
Have a nice evening everyone.