Friends

Stocks added to yesterday’s rally but did finish well off the highs of the day. Market participants found comfort in the fact the President made it clear that he was not going to fire, or try to fire Fed Chair Powell, while at the same time backing off on the harshest of the tariff rhetoric. So, it was nice to see stocks not immediately give up yesterday’s comeback rally.

For the day, the Dow Jones Industrial Average was up 419 points to close at 39,606. The S&P 500 was up 88 points to finish the day at 5,375. The Nasdaq Composite Index was up 407 points to close at 16,708. Gold was down $113 to trade at $3,306 per ounce, while oil was down $1.46 to trade at $62.21 per barrel WTI.

Headlines will continue to remain fluid and at the same time we are hearing from Corporate America via earnings releases. Stocks moving 2%-3% a day is not normal, so hopefully we will see volatility start to wane. But in the meantime, we’ll keep our seatbelts buckled and our hands and feet inside the ride.

Have a nice evening everyone.

Jim