Friends
It was a tale of two weeks. After last week’s carnage in the stock market (the S&P 500 fell about 3%), this week’s 3% rise was a welcome surprise especially given the fact that last weekend we had to endure the aftermath of last Friday’s terrorist attacks. No one would have been shocked had stocks continued downward this week, but once again this market’s resilience is remarkable.
As for today, by the close the Dow Jones Industrial Average was up 91 points to finish the day at 17,823. The S&P 500 was up 7 points to close at 2089. Gold was down $2 to trade at $1075 per ounce, while oil was down $.15 to trade at $39.39 per barrel WTI.
Next week will be a shortened week of trading as Thursday will be closed for Thanksgiving and Friday is a shortened half day session (don’t know why they even bother, but rules are rules I guess, as the exchange can’t be closed for more than 3 straight days). Early in the week we will get some economic data points including PMI Manufacturing, Existing Home Sales, Durable Goods, Jobless Claims and a revised look at 3rd quarter GDP. We’ll see if the bulls can keep this week’s momentum going.
Have a great weekend everyone.
