Dow Reaches Higher, S&P Closing In On Record As Bull Market Extends

Same song, different day.

The Dow led the major indices higher on Monday, while the NASDAQ languished near the unchanged mark most of the session, finishing with a small gain. Meanwhile, the S&P 500 improved to within a point of its all-time closing high. The previous record was 2,858.45 on August 7.

Despite the ongoing, beneath-the-surface currency crisis in Turkey and a full-blow economic collapse in Venezuela, the high rollers on Wall Street seem to have little sympathy as the Dow now stands at its high-water mark since February 25th.

According to most metrics, the US economy is cruising right along, with low unemployment and only slight hints of inflation. America's prosperity may be coming at the expense of the emerging nations of the world, though that's not a concern for those seeking gains in equity markets.

The Dow Industrials are less than 1000 points from the January 26 all-time high of 26,616.71 and the general markets are one day from becoming the longest bull market in US history.

Dow Jones Industrial Average August Scorecard:

Date	Close	Gain/Loss	Cum. G/L
8/1/18	25,333.82	-81.37	-81.37
8/2/18	25,326.16	-7.66	-89.03
8/3/18	25,462.58	+136.42	+55.05
8/6/18	25,502.18	+39.60	+94.65
8/7/18	25,628.91	+126.73	+221.38
8/8/18	25,583.75	-45.16	+176.22
8/9/18	25,509.23	-74.52	+101.70
8/10/18	25,313.14	-196.09	-94.39
8/13/18	25,187.70	-125.44	-219.83
8/14/18	25,299.92	+112.22	-107.61
8/15/18	25,162.41	-137.51	-245.12
8/16/18	25,558.73	+396.32	+151.20
8/17/18	25,669.32	+110.59	+261.79
8/20/18	25,758.69	+89.37	+351.16

At the Close, Monday, August 20, 2018:
Dow Jones Industrial Average: 25,758.69, +89.37 (+0.35%)
NASDAQ: 7,821.01, +4.68 (+0.06%)
S&P 500: 2,857.05, +6.92 (+0.24%)
NYSE Composite: 12,965.10, +56.83 (+0.44%)

Dow Reaches New High... Again; Hugo Chavez Death a Boon for Oil Companies

Another day, another new high for the Dow Jones Industrials.

Ho, hum, bumble-dee-dum.

It's going to be this way for a while. Don't expect a major correction any time soon, no matter what happens in the real world, because we haven't had one since the fall of 2011, when the government was about to go over the artificial debt ceiling.

Did somebody say artificial? How crass. But, it should be noted that most of what occurs on computer screens and TVs these days is nothing but bunk, a self-sustaining Wall Street fantasy designed to keep the economy from deflating.

And, you know, a little deflation - in things like gas prices, food prices and maybe, god forbid, event ticket prices - might not be such a bad thing.

But that is what the fed fears most... runaway deflation, where prices actually match up with the costs of living. For those of you under the age of 50, there was a time in this country - not so long ago - that a man could support a family with his own wages and still have money left over to save.

Those days are long gone, unless you're making over $85K a year, are an expert budgeter and have an understanding wife. (Please, hold your laughter.)

That would apply to maybe 10% of the population. The rest are waiting in line at Wal-Mart at midnight waiting for the food stamp deposit to clear the bank so as to proceed to checkout. The disparities between rich and poor in America have not compressed, but, look on the bright side, they're worse in Europe and France is forcing most of their million-and-billionaires to move because of confiscatory tax rates.

So, Hugo Chavez, president of Venezuela, is dead, so ExxonMobil, Royal Dutch Shell, BP and Chevron now have a free pass to plunder the resources of another South American nation. It's all good. Plundering in the Middle east or Africa is such a tiring trip, so far from the homeland.

This morning's ADP employment report showed a gain of 198,000 jobs in February, spurred mostly by - hold on now - small businesses. And you though the days of any job over 30 hours were over thanks to Obamacare. Well, wait until next year. We're in a recovery, dontcha know.

Today's market action was about as muted as a golf clap for a double bogey. The S&P struggled to close positive; the NASDAQ couldn't muster into the green.

When the music stops, make sure your chair has four legs.

Dow 14,296.24, +42.47 (0.30%)
NASDAQ 3,222.37, -1.76 (0.05%)
S&P 500 1,541.46, +1.67 (0.11%)
NYSE Composite 8,996.97, +18.88 (0.21%)
NASDAQ Volume 1,716,934,500
NYSE Volume 3,951,567,000
Combined NYSE & NASDAQ Advance - Decline: 3548-2878
Combined NYSE & NASDAQ New highs - New lows: 520-54
WTI crude oil: 90.43, -0.39
Gold: 1,574.90, 0.00
Silver: 28.80, +0.199