Friends
Following yesterday’s tepid CPI number was today’s better than expected (softer) PPI number. Add to that a better-than-expected retail sales number and you pretty much have a goldilocks scenario for the bulls. Inflation is taming, the consumer is spending (albeit at a slower rate), and unemployment is still below 4%. Even after yesterday’s mad dash higher, stocks were still able to keep the party going.
By the close, the Dow Jones Industrial Average was up 163 points to finish the day at 34,991. The S&P 500 was up 7 points to close at 4,502. The Nasdaq Composite Index was up 9 points to close at 14,103. Gold was down $2 to trade at $1,963 per ounce, while oil was down $1.67 to trade at $76.59 per barrel WTI.
Bonds gave back some of yesterday’s gains, but that didn’t seem to bother stocks. Into Thanksgiving is usually a pretty good time for stocks, but one wonders after the move we have seen in the past couple of weeks if the bulls have anything left in the tank. We will see.
Have a nice evening everyone.
