Friends
It looks like a deal is about to be voted on. A great deal? No, but a deal nonetheless. Sure we’re just kicking the can about three months down the road, but at least Armageddon has been delayed for a while. As expected, this thing is going right up to the last minute, but of course it had to be this way. The politicians love to put us through the wringer. Anyway, stocks rallied to near all-time highs, as reports that the House would pass the Senate’s bill hit the wires.
By the close, the Dow Jones Industrial Average was up 205 points to finish the day at 15,373. The S&P 500 was up 23 points to close at 1721. Gold was up $6 to trade at $1279 per ounce, while oil was up $1.06 to trade at $102.26 per barrel WTI. As I mentioned, the averages are dancing around all-time highs as we wait for the final vote on the temporary deal.
As we mentioned earlier in the week, it will be interesting to see if the good news is already reflected in stock prices, or will we see a little “sell the news” type of action for a few days. At this point nothing would surprise me. It looks like next week we can focus in on earnings and start to get government released economic news. Back to “normal’, at least for a little while.
Have a nice evening everyone.
