Friends

Stocks added to yesterday's gains but did finish well off their highs for the day. Some of the big tech names which have been left behind so far this year did bounce back a bit today and now for the week the market averages are close to break even. After Tuesday’s selloff, if we finish out the week unchanged or better tomorrow, the bulls will feel like they dodged a bullet.

By the close, the Dow Jones Industrial Average was up 306 points to finish the day at 49,384. The S&P 500 was up 37 points to close at 6,913. The Nasdaq Composite Index was up 211 points to close at 23,436. Gold was up $86 to trade at $4,924 per ounce, while oil was down $1.25 to trade at $59.37 per barrel WTI.

Staples like Johnson & Johnson and Procter & Gamble have reported earnings this week and the results have been ok, and the shares have sold off at first and then rallied. I’m not sure how to read that kind of action other than to assume that market participants are continuing to add to non-tech holdings. Anyway, let’s see how the week finishes out tomorrow as we all prepare for the ice and cold heading our way.

Have a nice evening everyone.