Friends,

After yesterday’s negative stock reaction to the new Fed Chair, market participants reconsidered and moved the market averages higher once again. Declining oil prices might actually help offset what was seen to be mounting inflation pressures lending confusion to what direction the Fed will have to take with interest rates in the second half of the year. I would not be surprised if we don’t see any changes for a while.

As for stocks, by the close the Dow Jones Industrial Average was up 72 points to finish the day at 51,564. The S&P 500 was up 80 points to close at 7,500. The Nasdaq Composite Index was up 496 points to close at 26,517. Gold was down $152 to trade at $4,228 per ounce, while oil was down $.24 to trade at $76.55 per barrel WTI.

Once again, we see resilience with the market averages as any downturns are quickly bought. The AI trade is alive and well at the moment, and if we can get energy prices back down, corporate earnings should continue to do well. Let’s see if the bulls can charge into the end of the quarter. Stay tuned. Remember, the market it closed tomorrow.

Have a great weekend everyone.

Jim