Well it looks like traders came back from the Hamptons and the Labor Day Weekend with a much better attitude. After another bad week for stocks last week, shoppers looking for bargains decided that they would begin to dip their toe in the water after some calming in China overnight. Now, of course, it remains to be seen if this is more than just a one day occurrence, but as of the close on Friday, many worried that today’s opening might be somewhat disturbing.
As for today, the Dow Jones Industrial Average was up 390 points to close at 16,492. The S&P 500 was up 48 points to finish the day at 1969. Gold was up less than a dollar to trade at $1121, while oil was down $.18 to trade at $45.87 per barrel WTI.
Of course, market participants are anxiously awaiting next week’s Fed meeting, but before that we get the JOLTS (job openings and labor turnover survey) report tomorrow, weekly jobless claims on Thursday and the PPI number plus consumer sentiment on Friday. Because of the holiday, this is a short trading week, but let’s see if the bulls can muster something real here, or are the bears just waiting to pounce. We’ll let you know how the week develops.
Have a nice evening everyone.