Today’s rally was fueled by hopes that the Fed stands at the ready with more QE should things deteriorate in the markets/economy. If we are in a correction or even entering a bear market for stocks, these sharp rallies are common. On the other hand, perhaps this was just another, albeit emotional, quick pullback like we have seen for a few years now. Only time will tell.
By the close, the Dow Jones Industrial Average was up 263 points to finish the day at 16,380. The S&P 500 was up 24 points to close at 1886. Gold was down $2.90 to trade at $1238 per ounce, while oil was up a fraction to trade at $83.00 per barrel WTI.
It’s been quite a ride the last couple of weeks. Let’s see if the bulls can build on today’s rise as trading begins next week. Stay tuned.
Have a great weekend everyone.