Once again, just when it looks like the bears might have something cooking, stocks turn right around and head higher. Today, buoyed by a much better than expected New Home Sales number (some claim distorted), stocks rallied in early trading, and added to gains as the trading session wore on. The bears were really hoping that the Alibaba hype last Friday signaled a market top. Well, maybe not so fast.
By the close, the Dow Jones Industrial Average was up 154 points to finish the day at 17,210. The S&P 500 was up 15 points to close at 1998. Gold was down $4 to trade at $1217 per ounce, while oil was up $1.50 to trade at $93.06 per barrel WTI.
On the economic calendar we get Durable Goods, PMI Services and Weekly Jobless Claims tomorrow, and on Friday we get a revised 2nd quarter GDP number. Will the bulls build on today’s rally, or will the bears have something to say about it? Predicting the direction of these markets on a day by day basis is a fool’s game for sure. We’ll stay out of the prediction game, but we’ll let you know how it turns out.
Have a nice evening everyone.