Friends

Like with yesterday’s CPI data, today’s PPI (Producer Price Index) was also a little better than expected. These reads on inflation combined with last week’s jobs data, will likely be enough to cause the Fed to keep monetary policy on hold for a while longer. The bulls were pleased with this data as were they also pleased oil prices moving lower. By the close the market averages were pushing to new all-time highs.

For the day, the Dow Jones Industrial Average was up 69 points to close at 53,840. The S&P 500 was up 50 points to close at 7,799. The Nasdaq Composite Index was up 214 points to close at 26,803. Gold was down $60 to trade at $4,407 per ounce, while oil was down $2 to trade at $81.27 per barrel WTI.

Bond yields moved lower this week on the inflation data. This was another tailwind for stocks. The bulls seem to have everything working for them at the moment- bond yields backing off, oil prices backing off, inflation data moderating, and corporate earnings shining. Let’s see how the week finishes up tomorrow.

Have a nice evening everyone.

Jim