Friends

Treasury Secretary Bessent’s comments on the Strait of Hormuz sent stocks soaring and oil prices tumbling at the open this morning. Add to that the continuing stream of good earnings reports from the likes of industrial giant Caterpillar, and the bulls couldn’t be more pleased.

By the close, the Dow Jones Industrial Average was up 907 points to finish the day at 54,085. The S&P 500 was up 136 points to close at 7,736. The Nasdaq Composite Index was up 671 points to close at 26,584. Gold was up $47 to trade at $4,137 per ounce, while oil was down $4.64 to trade at $75.70 per barrel WTI.

Remember, we have jobs data coming this week and the war with Iran can at any moment be a problem again for oil prices, but for the moment the bulls are back entrenched on the high ground. After the close we will hear from SpaceX and AMD. What a week so far.

Have a nice evening everyone.

Jim