Friends
Despite sizzling action in IPOs and numerous headlines pertaining to Covid-19 vaccines, it was a non-eventful week for the market averages. Congress can’t seem to agree on a stimulus bill, but of course that has been the case for months now so it doesn’t come as a big surprise. We continue to get weakening weekly employment numbers, as much of the economic data is heading in the wrong direction, and of course stocks have had a great run since the March lows. So, it’s not a real surprise that things have cooled off just a bit.
As for today, by the close the Dow Jones Industrial Average was up 47 points (mainly attributable to Disney) to finish the day at 30,046. The S&P 500 was down 4 points to close at 3,663. The Nasdaq Composite Index was down 27 points to close at 12,377. Gold was up $5 to trade at $1,842 per ounce, while oil was down $.19 to trade at $46.59 per barrel WTI.
The aforementioned Disney, indeed, was the bright spot in the Dow today as the media behemoth rolled out some magnificent numbers and future plans. Despite having their hands tied by the pandemic the Mouse House appears likely to emerge from the shut downs even stronger than ever.
Well, we’re just a few weeks away from getting 2020 behind us. I can’t wait to see what we have in store over the next 20 days. Stay tuned.
Have a nice weekend everyone.
