Friends
Wow, what a year. I can’t wait to write about it all in our 1st quarter outlook piece. For today, we’ll just say that the buyers disappeared these last couple of weeks, and stocks limped into year end. After an historic first 5 weeks of the year (and not “good” historic), stocks battled back and coasted into the election. After the Trump victory, many market participants were caught off-sides and stocks roared to new highs. The Dow flirted with the 20,000 level, but there just wasn’t enough energy left in the markets to get there. Bonds had their own wild ride, but when all was said and done, the ten year yield closed not far off from where it began the year. Yes, indeed, this was quite a year in the markets and it’s too bad we couldn’t finish it off with a bang.
As for today, by the close the Dow Jones Industrial Average was down 57 points to finish the day at 19,766. The S&P 500 was down 10 points to close at 2238. Gold was down $10 to trade at $1,152 per ounce, while oil was down $.07 to trade at $53.70 per barrel WTI. Nat Gas was down $.062 to finish trading at $3.74.
Well, 2016 is now behind us. We’ll be back at it on Tuesday to get 2017 off and running. In the meantime…
Happy New Year everyone.
