Friends

The market averages keep moving higher, but individual stocks continue to move in all different directions. For instance, just in the Dow 30 we saw Microsoft down over 4% but IBM up over 3%. Salesforce was down over 4% while Cisco was up over 5%. But while all this is going on with individual names the market averages maintain momentum. It’s pretty fascinating.

As for those market averages, by the close the Dow Jones Industrial Average was up 228 points to finish the day at 51,307. The S&P 500 was up 9 points to close at 7,609. The Nasdaq Composite Index was up 7 points to close at 27,093. Gold was up $11 to trade at $4,517 while oil was up $1.45 to trade at $93.61 per barrel WTI.

Even when there are more losers than winners, as today, the market cap of the winners helps keep the market averages pushing higher. Normally, this would not be necessary considered a healthy advance. But there is not much normal right now. For most market participants all is just fine if the market averages are advancing.

Have a nice evening everyone.

Jim