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Stocks Surprise Again
Independent Investment Management designed to protect and grow your wealth.
JIM CARLTON
Managing Director
Chief Investment Officer
Friends
Stocks continue to push higher despite a lukewarm earnings season, mixed economic data and the political theater that we see on a daily basis. Stress on those who sold in the 4th quarter of 2018 is starting to build. Have they come back in, and if not will they potentially provide fuel for a further advance as the fear of missing out continues to build?
For the day, the Dow Jones Industrial Average was up 443 points to close at 25,883. The S&P 500 was up 29 points to finish the day at 2,775. Gold was up $10 to trade at $1,324 per ounce, while oil was up $1.34 to trade at $55.75 per barrel WTI.
Interestingly, today’s move did not include the likes of Amazon, Google, Netflix and Apple. Today’s advance was led by industrials and financials, which might indicate that this advance is beginning to broaden out. This has been an amazing first 6 weeks of the year, as stocks try to erase the memory of a disastrous 4th quarter. Let’s see if the bulls can keep the pressure on the beleaguered bears next week.
Have a great weekend everyone.
Jim