Friends
The Bears keep trying to zap the enthusiasm from this “Trump” rally, but the Bulls continue to buy pullbacks and drive many stocks higher. It is still the case that there are winners and losers in this environment, as it appears that a rotation from previously thought to be “safe” sectors (utilities, telecom and staples) to what were the laggards (financials and industrials) continues.
By the close, the Dow Jones Industrial Average was up 54 points to finish the day at 18,923. The S&P 500 was up 16 points to close at 2180. Gold was up $2 to trade at $1,224 per ounce, while oil was up a whopping $2.52 to trade at $45.84 per barrel WTI. Nat Gas was down $.037 to finish trading at $2.712.
The retail sales number this morning was a little better than expected, but the earnings reports from various retailers this week has been somewhat mixed. Nevertheless, it may be that with the election behind us and the holidays coming that consumers are feeling a little better about spending some money. Gasoline prices have remained muted, which helps, and it would appear that the coming Trump administration is going to deliver a tax cut to many Americans. So far, it hasn’t paid to doubt this advance in stock prices. Will that continue? Stay tuned.
Have a nice evening everyone.
