Stocks rallied as news of a June 12th meeting between President Trump and North Korean “Dear Leader” Kim Jung Un hit the wires. The meeting will take place in Singapore. Details to follow.
The Dow closed the day up 197 points on lighter trading volume to close at 24,739. The Dow finally came positive for the year. Earnings reports continue to trickle in and are generally good.
Oil prices continue to exhibit strength as WTI crude prices moved to a three and a half year high closing at $71.40 up about twenty five cents. Gasoline prices across the country are creeping up as well. Any possible sanctions on Iran will not take affect for a few months so the oil industry will have time to adjust. Meanwhile US energy companies continue to improve performance as the cost of getting the oil out of the ground has fallen significantly while the price of a barrel of global oil has moved higher thanks to global economic growth which is trending higher. Some oil companies are starting to report massive earnings increases and are increasing dividends to shareholders.