Friends
Stocks continue to edge higher as it appears there just aren’t any sellers at the moment. Yes, the narrative favors the bulls, but there is also a tax component to the lack of sellers right now. If you have a taxable account, you really don’t want to take any additional capital gains right before year end (if you wait two more weeks you don’t have to pay until April of 2025). Thus, no real surprise that there aren’t a bunch of sellers at the moment.
For the day, by the close the Dow Jones Industrial Average was up a fraction to finish the day at 37,306. The S&P 500 was up 21 points to close at 4,740. The Nasdaq Composite Index was up 90 points to close at 14,904. Gold was up $4 to trade at $2,040 per ounce, while oil was up $1.17 to trade at $72.60 per barrel WTI.
With all the fireworks behind us it would seem reasonable to expect this week to be somewhat quiet for traders, but of course we will see.
Have a nice evening everyone.
