For the second day in a row, the Dow Jones Industrial Average was the big winner with the likes of Goldman Sachs, J P Morgan Chase, Boeing, Caterpillar, Honeywell, 3M, Dow, Walgreens and Home Depot leading the way. Like yesterday, financials, industrials and materials were the winners.
As for the market averages in general, by the close the Dow Jones Industrial Average was up 220 points to finish the day at 35,484. The S&P 500 was up 10 points to close at 4,447. The Nasdaq Composite Index was down 22 points to close at 14,765. Gold was up $21 to trade at $1,753 per ounce, while oil was up $1.02 to trade at $69.31 per barrel WTI.
There is a lot of talk on the Street about the Fed and when they might announce that tapering will begin. The narrative has been that when the Fed starts to tighten, stocks will sell off. We will see, but I can’t believe that the markets aren’t already prepared for the Fed’s inevitable move off of the emergency policies that they revisited during the pandemic. I guess time will tell.
Have a nice evening everyone.