Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Wednesday, the 31st of July.
What a month, with the DOW (INDEX:DJI) rallying to its highest level ever on the last day of the month. The NASDAQ (NASDAQ:COMP), not wanting to be left out of the parade, moved to its highest level in 13 years. The S&P (CME:SP500) also put in a solid monthly return of 5.50% for investors. Happy days are here again, as most investors were all smiles and happy to see that their portfolios and retirement account were looking a little bit better than last month.
Even the long suffering gold bulls had something to smile about as the longer-term bear market in gold managed to shake off some of its bearishness and rally. Gold closed out the month of July with a solid gain of 7.4%. Crude oil, which is in a bull market, followed right along producing gains of 7.50%.
The party continued for stocks with many making positive gains in July. Even battered and beaten down Apple (NASDAQ:AAPL), which has been under pressure lately, managed to rally over 13.5% for the month. In fact, a close today in Apple over 450.37 will be the highest monthly close we've seen in this stock in over six months.
In the currency wars, the US dollar lost out again to the Euro, moving down 1.8% and closing at its lowest monthly close since January.
With July almost behind us, I look forward to seeing what August has in store for the market. Traditionally, August is a quiet month, as folks take off and enjoy the last days of summer before serious business resumes after Labor Day. This August could be the exception to the rule, as this market has been the exception to the rule all year long.
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Have a great trading day,
Adam appears frequently on the following financial news channels as a guest expert. Click on any cable logo to watch Adam's latest appearance.