Stocks advanced today, driving the S&P 500 to a fresh high for the year.
Major indexes have rallied since May 19, which marked a recent low, with the S&P gaining 3.4% in that period. With the advance, the SPX is 1% below its all-time closing high from May 2015.
A rise in oil prices ignited gains in energy shares today and the Dow rose 113.27 points, or 0.6%, to 17920.33. The S&P gained 0.5%, and the Nasdaq advanced 0.5%.
Energy stocks led the S&P, rising 2%. Shares of Transocean rose 15%, and Marathon Oil shares gained 4.8%. U.S. crude oil advanced 2.2% to $49.69 a barrel, the highest close since July 2015.
Energy and metals continue to firm up and I’m adding two names tonight.
CENX– Buy the 7.10-7.30 range
ATW– Buy 11.30-11.70 zone
