Stocks Rise Despite GDP Revision

Friends

Despite the GDP number for the first quarter being revised downward to a negative 1%, stocks enjoyed a healthy gain after spending most of the day only slightly in positive territory. Traders are expecting the second quarter to show marked improvement in economic activity (which seems likely). That, of course, is equity traders. Bond guys still seem to be in another world.

As for today, by the close, the Dow Jones Industrial Average was up 65 points to finish the day at 16,698. The S&P 500 was up 10 points to close at 1920. Gold was down $4 to trade at $1254, while oil was up $.83 to trade at $103.55 per barrel WTI.

Tomorrow marks the end of the month, so we’ll see if the bulls can bring it home in style. I guess May wasn’t so bad after all. Have a nice evening everyone.

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