Word that negotiations with China on trade are scheduled sent stocks higher today. From the lows of yesterday to the highs of today we saw quite a swing in the favor of the bulls, not only in price but in sentiment. As we have seen for the past nine years, each time the market has a hiccup (some larger than others) the bears quickly claim that the beginning of the end of this extremely long bear market is finally upon us. So far, they’ve been wrong about 463 times.
By the close, the Dow Jones Industrial Average was up 396 points to finish the day at 25,558. The S&P 500 was up 22 points to close at 2,840. Gold was down $4 to trade at $1,181 per ounce, while oil was up $.43 to trade at $65.44 per barrel WTI.
It’s been a very choppy week so far, with the momentum swinging back and forth between the bulls and the bears. The bulls came out on top today, but we still have one more day to go for the week. Let’s see who comes out on top tomorrow. At least this week brought a little excitement to the dog days of summer.
Have a nice evening everyone.