Friends
Stocks got quickly out of the starting gate this morning, but seemed to run out of gas as the trading session wore on. We had Mnuchin and Powell in front of the Senate Banking Committee, Biden introducing his economic team, and the Senate floating possible stimulus deals during the lame duck session. What’s concerning is that economic data is starting to trend in the wrong direction again.
Despite all the headlines and confusion, stocks were still able to post gains on this first trading day of December. By the close, the Dow Jones Industrial Average was up 185 points to finish the day at 29,823. The S&P 500 was up 40 points to close at 3,662. The Nasdaq Composite Index was up 156 points to close at 12,355. Gold was up $37 to trade at $1,818 per ounce, while oil was down $.81 to trade at $44.53 per barrel WTI.
So, we begin the final leg of this strange 2020 journey. The momentum is certainly on the side of the bulls as we enter December, but with Covid-19 cases rising the economic backdrop is still challenged. We will get the ADP private payroll number tomorrow and then the government jobs report on Friday. Stay tuned.
Have a nice evening everyone.
