The Closing Look

Stocks rallied nicely on Monday helping the Dow Jones Industrial Average and benchmark S&P 500 jump above near term areas of resistance and hit new highs for the year. Janet Yellen spoke on Monday and said Friday’s tepid Jobs Report created economic uncertainty which reduced the chance of a June rate hike. Oil stocks were front and center on Monday as oil prices jumped over 2% on fresh supply concerns out of Nigeria.

Gary’s Thoughts: Oil, oil and more oil emerges after a few dormant weeks. Oil stocks come up the ight side with services the strongest. Will not hurt the market. There will be no June rate hike.