It certainly was an ebb and flow week, up one day and down the next. We did however finish on a high note today as market participants ignored mounting Covid-19 headlines and actually nibbled in the economically sensitive area today.
By the close, the Dow Jones Industrial Average was up 369 points to finish the day at 26,075. The S&P 500 was up 32 points to close at 3,185. Gold was down $1 to trade at $1,803 per ounce, while oil was up $.82 to trade at $40.44 per barrel WTI.
As we mentioned in the quarterly report, we are likely to continue to see ebbs and flows going forward in the second half of the year. Economic stress will weigh on the bulls enthusiasm while liquidity and TINA will give the bears fits. Buckle up, it’s likely to be a lively earnings season over the coming weeks. We’ll be here to let you know how it all plays out.
Have a great weekend everyone.