Friends

Bond yields and oil prices backed off a bit and stocks pushed higher. Given all that has been thrown at the bulls, it is fascinating that the S&P 500 is trading near all-time highs. Talk about headwinds-war, oil prices soaring, inflation, rising interest rates, and the Fed changing from accommodative monetary policy to restrictive monetary policy. Amazing.

As for today, by the close the Dow Jones Industrial Average was up 253 points to finish the day at 51,521. The S&P 500 was up 44 points to close at 7,818. The Nasdaq Composite Index was up 122 points to close at 27,599. Gold was up $40 to trade at $4,196 per ounce, while oil was up $.37 to trade at $89.80 per barrel WTI.

Remember, despite all of those headwinds for stocks, corporate earnings have been a decisive tailwind and next week we’ll start to wade into earnings season. Resiliency is this year’s word for stocks. Amazing.

Have a nice evening everyone.

Jim