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Market Roundup

After a slow open on Tuesday, the market pushed higher on news that consumer confidence is on the rise again. Home Depot was leading the way in the morning up 2.7 percent by midday. All three

After a slow open on Tuesday, the market pushed higher on news that consumer confidence is on the rise again. Home Depot was leading the way in the morning up 2.7 percent by midday. All three major indexes rose today with the Dow up 81 points or 0.7 percent to 12279.67. The Nasdaq was up 24.73 points or 0.90 percent. The S&P 500 added 9 points or 0.7 percent to 1319.

Home Depot continued to gain in the afternoon up a total of 2.9 percent for the day after it announced it would buy $1 billion of its own stock with the cash from bond sales. The 30 stocks that make up the Dow Jones industrial average all rose at least 0.3 percent.

Two stocks fell for every one that rose on the New York Stock Exchange. Consolidated volume for the day totalled 3.6 billion shares.

 

With pandemic-induced supply chain bottlenecks receding, semiconductor stocks have been riding a bullish trend, making higher lows and higher highs.
To say the current situation isn’t pretty now seems an understatement, and it’s likely to remain chaotic for a while. Which is why it’s so important for leaders of all kinds not to fall prey to the very human tendency to go negative.
Bargain-hunting friends of mine have been asking: “Should I buy First Republic?” After all, First Republic is prestigious. Facebook founder Mark Zuckerberg got a mortgage there. Dozens of customer surveys rate its satisfaction scores higher than super-brands like Apple and Ritz-Carlton.
Many of us economy-watchers have been expecting recession, though with significant differences on odds and timing. Regardless, recent banking developments just made recession more likely and may have accelerated its onset.