Friends
The Trump rally kicked back in high gear today, as traders around midday decided to buy anything in sight (that wasn’t healthcare related). The result was a barn burner of a rally and stocks soared to new highs. Now, I could try to make up some stuff to try to explain today’s rally, but to be honest about it, other than a large buy program that hit midday, I can’t really tell you what got into everyone. We’ll acknowledge it, but won’t get too carried away with it at the moment.
By the close, the Dow Jones Industrial Average was 297 points to finish the day at 19,549. The S&P 500 was up 29 points to close at 2241. Gold was up $5 to trade at $1,175 per ounce, while oil was down $1.05 to trade at $49.88 per barrel WTI.
As mentioned, there was no discernible reason for today’s “huge” rally, but it sure felt like a little bit of panic buying, as those positioned for a Trump disaster are not caught trying to catch up. Other than Trump tweets, the only big news on the horizon is next week’s FOMC meeting, but the result of that seems to be a foregone conclusion at this point. Let’s see if the bulls continue the party for the rest of the week. Who needs Santa, we’re rocking and rolling before he’s even come to town.
Have a nice evening everyone.
