Friends
Stocks drifted aimlessly, but mostly in positive territory as the bulls may have been simply taking a bit of a breather. We did get an extremely hot ISM non-manufacturing number, but the ADP private payroll came in a little shy of expectations. Nevertheless, market participants seemed disinterested with the proceedings.
By the close, the Dow Jones Industrial Average was up 19 points to finish the day at 22,661. The S&P 500 was up 3 points to close at 2,537. Gold was up $4 to trade at $1,278 per ounce, while oil was down $.55 to trade at $49.87 per barrel WTI.
Remember, we get the non-farm payroll number on Friday, but despite all disruption from storms and other tragedies, the economy seems to be doing just fine. Both the ISM manufacturing and non-manufacturing (service sector) were gang busters this week. We expect some disruption in employment and housing in both Texas and Florida, but all in all the economic picture might justify the Fed making one more rate hike in 2017. It will be interesting to see if the relatively good economic outlook translates into a good earnings season.
Have a nice evening everyone.
Stay Strong Houston
