Well, stocks did finally cool off just a bit today, though I don’t think the bears are doing a whole lot of celebrating. Actually, a wise bull might be glad to see the advance in stocks take a bit of a break for some much needed digestion. The thing that continues to fuel the advance overall, though, is the relentless rotation from sector to sector that is keeping traders active and in general bringing more money into the market.
As for today, by the close the Dow Jones Industrial Average was down 96 points to finish the day at 33,430. The S&P 500 was down 4 points to close at 4,073. The Nasdaq Composite Index was down 7 points to close at 13,698. Gold was up $13 to trade at $1,742 per ounce, while oil was up $.72 to trade at $59.37 per barrel WTI.
The economic picture continues to brighten as today’s JOLTs number showed that job openings continue to grow. Covid-19 hasn’t gone away, as we continue to see spikes in certain parts of the country and the world (both baseball and hockey are experiencing issues with teams), but it certainly appears that people are moving on regardless and the economy will be the beneficiary. It really is fascinating to watch unfold.
Have a nice evening everyone.