Markets closed up on Wall Street: DJI +0.57% SP500 +0.36% Nasdaq +0.09% Gold +0.94% Oil +0.02%.
If you are a permabear, you must be living in bewilderment. Markets have been up all week setting new records and rally highs. The Nasdaq (NASDAQ:QQQ), Dow (NYSE:DIA), and S&P 500 (NYSE:SPY) are all hitting three-year high. On the commodities front, Oil (NYSE:USO) is still chilling near $113. But the big news is Silver (NYSE:SLV) hitting a new record near $50. Gold (NYSE:GLD) also set a record at $1,538.35. What about the US Dollar (NYSE:UDN)? It hit a three-year low.
Today’s markets were up because:
1) Traders focused on inflation in stocks and less on macro economic data. We started the day with a weak GDP number at 1.8% and a scary move solidly back above 400,000 weekly jobless claims. But yesterday Ben Bernanke told investors not to worry because the Fed Open Market Committee Will Launch Quantitative Easing 2.5.
2) Earnings had one of its weaker days so far, but stocks still rallied. PepsiCo (NYSE:PEP) and Procter & Gamble (NYSE:PG) warned about increasing input costs, but that didn’t stop bulls. Occidental Petroleum (NYSE:OXY) had a great day for Oil & Gas while Exxon Mobil (NYSE:XOM) caught some profit taking. If you love staying in the know during earnings season, join us for our coverage here all day long.
Now that you’re in the know, have fun hearing about the Royal Wedding hotel room for $8,300 a night (someone never heard of Hotwire).