Friends
It is not real surprising that some buyers showed up this morning after Friday’s new Covid variant selloff. But, as we have mentioned things have been a little sloppy below the market’s surface for a while now as a narrow few have kept the market averages near all-time highs. So, Friday’s mess may have been triggered by the discovery of a new Covid variant (Omicron), but the market averages were already showing cracks. The question now becomes was Friday’s plunge simply finishing the already begun correction beneath the market’s surface or was it a crack that will widen and become more dangerous over time? Whatever the case, despite the threat that the Omicron variant could surface in the U. S. at any moment, market participants were looking for some Cyber Monday stock deals.
By the close the Dow Jones Industrial Average was up 236 points to finish the day at 35,135. The S&P 500 was up 60 points to close at 4,655. The Nasdaq Composite Index was up 291 points to close at 15,782. Gold was down $3 to trade at $1,784 per ounce, while oil was up $1.45 to trade at $69.60 per barrel WTI.
It is likely going to be an active and busy week as often moves like Friday’s are followed by heightened volatility. Stay tuned, we’ll keep you up to date as the week rolls on.
Have a nice evening everyone.
