Friends
Well, it wasn’t so much “sell the stimulus package news” as it was fear of a new virus strain in the United Kingdom that sent stocks lower at the open this morning. Things did recover some throughout the day but by the end of the trading session only the Dow was able to squeak out a win.
By the close, the Dow Jones Industrial Average was up 37 points to finish the day at 30,216. The S&P 500 was down 14 points to close at 3,694. The Nasdaq Composite Index was down 13 points to close at 12,742. Gold was down $7 to trade at $1,881 per ounce, while oil was down $1.31 to trade at $47.79 per barrel WTI.
As mentioned, Congressional leaders did agree on a stimulus deal. Is it too little too late for some folks? Regardless, it is what the markets wanted and it looks like they got it. We will likely see more stimulus in the first part of 2021 too. So, despite great strength is the financials (Goldman Sachs, JP Morgan Chase, etc.) stocks in general took a pause today. Let’s see if Santa can gather the forces and tee up a Santa Claus rally over the next two weeks. Stay tuned.
Have a nice evening everyone.
