Friends
Between Senate hearings for Trump nominees and a wild press conference with the President elect himself, traders had a lot of political noise to deal with during today’s trading session. As we wait for earnings season to kick off, the political winds are blowing and market strategist are trying to determine just what economic plans the President elect will propose and what is the likelihood that he gets the things he wants. One thing we do know is that he will make plenty of noise if he doesn’t get the things wants.
Stocks had an upward bias today, which was interrupted a couple times by political headlines, but by the close the market averages were sporting nice gains. For the day, the Dow Jones Industrial Average was up 98 points to close at 19,954. The S&P 500 was up 6 points to close at 2275. Gold was up $5 to trade at $1,190 per ounce, while oil was up $1.35 to trade at $52.17 per barrel WTI. Nat Gas was up $.006 to finish trading at $3.284.
Big Pharma and biotech felt the wrath of Trump today as he grumbled how they have mistreated the American public. It really is a day to day game of “wack a mole” with Mr. Trump. You just hope that your company or industry isn’t the mole getting beat on today. In general, though, the feelings are that the Trump agenda will be good for the economy. It will be interesting to see how quickly the Congress can deliver.
Have a nice evening everyone.
