Friends
A drop in oil prices helped keep a lid on any attempt to rally stocks, as energy shares weighed heavily on the market averages. On the other hand, as expected the second look at 3rd quarter GDP showed continued improvement as the number came in at 3.2% beating the previously reported 2.9% growth for the quarter. In addition, housing prices continued to rise as measured by the Case-Shiller index, and Conference Board’s consumer confidence number was especially strong. Despite the strong economic data, stocks appear simply to be drifting along after the post-election surge.
By the close, the Dow Jones Industrial Average was up 23 points to finish the day at 19,121. The S&P 500 was up 2 points to close at 2204. Gold was down $3 to trade at $1,187 per ounce, while the aforementioned oil was down $1.80 to trade at $45.28 per barrel WTI. Nat Gas was up $.003 to finish trading at $3.323.
Tomorrow we get our first employment number of the week with the ADP private payroll number, and of course Friday we get the non-farm payroll number and the full government jobs report. Political headlines continue to dominate the news cycle, but underneath it all, the U. S. economy continues to show signs of strength. Are stocks played a bit, given the move after the election? Perhaps, but time will tell. As we enter December, the Fed meeting will be on the mind of market participants, and the bond market might just be the more interesting story. Stay tuned.
Have a nice evening everyone.
