Friends
The markets appeared to like the election results, didn’t they? But, while stocks soared higher, bonds continued to sell off, sending interest rates higher. Remember we get a decision from the Fed tomorrow and it is expected that they will move forward with a quarter point rate cut for the Fed Funds rate. But today was all about election results and the likelihood of a Republican sweep.
By the close the Dow Jones Industrial Average was up 1,508 points to finish the day at 43,729. The S&P 500 was up 146 points to close at 5,929. The Nasdaq Composite Index was up 544 points to close at 18,983. Gold was down $80 to trade at $2,669 per ounce, while oil was up $.02 to trade at $72.01 per barrel WTI.
Seasonally, we now enter what is usually a good time for stocks. Have we borrowed all the potential rally into year-end already? Perhaps, but the momentum is strong right now and the bulls are firmly entrenched on the high ground. Let’s see what the Fed Chair has to say tomorrow. It should be interesting.
Have a nice evening everyone.
Jim
