Stocks Rise on Commodities Rally (Bloomberg)
Following last week’s gain marking the fourth straight positive week for the S&P 500, stocks rose again today on the back of a commodities rally. Exxon Mobil led the charge, rising 2.5 percent. Meanwhile, investors continued to wait for forthcoming employment and economic-growth data. “The path of least resistance continues to be up,” James Dunigan, chief investment officer in Philadelphia at PNC Wealth Management, said. “In general, the earnings picture is good. Valuations with the market at these levels are probably in the fair range. As you get into year-end portfolio adjustments, playing on that momentum we’ll likely see the market continue to do well here as opposed to selling off. I think if there are any sort of corrections they’ll be short lived in this environment.”
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