Friends
The new month continued on a positive note as stocks rallied for the second day in a row. We did come off the highs a bit by the close, nevertheless the bulls have had their way in the early days of November. For the second day in a row oil stocks led the way as there appears to be some repositioning into these shares as the end of the year approaches. Interestingly, oil prices have not really moved much and still linger in the $40’s for West Texas Intermediate.
As for stocks, by the close the Dow Jones Industrial Average was up 89 points to finish the day at 17,918. The S&P 500 was up 5 points to close at 2109. Gold was down once again as the previous metal was down $19 to trade at $1116 per ounce, while oil was up $1.79 to trade at $47.93 per barrel WTI.
As the trading session wore on it did appear that the buyers were running out of steam. It will be interesting to see if the bulls can keep the upward momentum or are we due for a bit of a pause right in here. Remember, we get the all-important non-farm payroll number on Friday, and if that number is bad, it could change market participant’s view that the Fed might just begin liftoff in December. Stay tuned.
Have a nice evening everyone.
