Friends
Stocks roared to post a solid rebound, given that we had seen nine straight down days in a row. The letter that Congress received from FBI Director Comey with regards to Hillary Clinton was the spark in the futures overnight, and stocks rallied aggressively right from the beginning of trading today. A Clinton win coupled with a House and possible Senate victory supported the divided government narrative that Wall Street appears to prefer. Basically, today the S&P recovered everything that it had lost since the first Comey letter two Friday’s ago.
By the close, the Dow Jones Industrial Average was up a whopping 371 points to finish the day at 18,259. The S&P 500 was up 46 points to close at 2131. Gold was down $22 to trade at $1,281 per ounce, while oil was up $.85 to trade at $44.92 per barrel WTI. Natural Gas was up $.057 to trade at $2.824.
Well, after tomorrow we will finally have the crazy election behind us- I think. Markets could be volatile as traders attempt to handicap what the results will mean in the long run for the economy, corporate earnings and the markets in general. Let’s get this behind us and then we’ll hopefully be able to focus back on “normal” market drivers. Stay tuned, anything could happen tomorrow.
Have a nice evening everyone.
