Friends
After stocks got a little bit of a shock yesterday, the bulls were back in the buying spirit from the opening bell this morning. As for yesterday, when you have a parabolic move higher it’s just a matter of time before you get a day like yesterday. Keep in mind this is a quiet week as we move towards the Christmas break, so it isn’t hard to push stocks around given the lack of participation.
As for today, by the close the Dow Jones Industrial Average was up 322 points to finish the day at 37,404. The S&P 500 was up 48 points to close at 4,746. The Nasdaq Composite Index was up 185 points to close at 14,963. Gold was up $8 to trade at $2,056 per ounce, while oil was down $.28 to trade at $73.94 per barrel WTI.
Let’s see how the markets finish out the week tomorrow. Officially the “Santa Claus Rally” would encompass tomorrow’s trading and the next 5 days. But given the move we have seen in the past two months I think the bulls would be happy just to coast into year end. Hopefully Santa doesn’t leave coal in investors stockings. We’ll let you know how the week wraps up tomorrow.
Have a nice evening everyone.
