Friends
We mentioned that markets tend to favor Thanksgiving week and so far so good. The markets seem to be enamored with the choice of Janet Yellen as the next Treasury Secretary and there was a collective sigh of relief when word came that the administrative transition would go forward unencumbered. Whatever the case, market participants were enthusiastic buyers throughout the trading session.
By the close, the Dow Jones Industrial Average was up 454 points to finish the day at 30,046. The S&P 500 was up 57 points to close at 3,635. The Nasdaq Composite Index was up 156 points to close at 12,036. Gold was down $33 to trade at $1,804 per ounce, while oil was up $1.84 to trade at $44.90 per barrel WTI.
Though the Dow is a somewhat antiquated measure of the stock market, it nevertheless is an historic moment with the 30,000 level being broken. When I began my career in the investment business, the Dow was just slightly hovering above 1200. Yes, I am old, but that is still an impressive move over the past 36 years. Enjoy.
Have a nice evening everyone.
