Friends
Stocks soared higher today and contrary to the rumors I have not embarked on another vacation. It wasn’t really about interest rates as yields moved little during the trading session. The Nasdaq and big tech are leading the way once again and it appears that those who might feel underinvested are piling into the names that have worked throughout most of the year.
For the day, the Dow Jones Industrial Average was up 391 points to close at 34,283. The S&P 500 was up 67 points to finish the day at 4,415. The aforementioned Nasdaq was up 276 points to close at 13,798. Gold was down $30 to trade at $1,939 per ounce, while oil was up $1.54 to trade at $77.28 per barrel WTI.
All in all, it has been a pretty good 2-week run for stocks. Are we setting up for a nice holiday rally? Next week we get news on inflation and that is likely going to be part of the narrative as we work our way towards Thanksgiving. In the meantime, we will say thank you to all of our Veterans who as a nation we owe a debt of gratitude to.
Have a great weekend everyone.
