Friends
Today’s jobs number came in a little hotter than expected, but not so much as to deter the Fed from lowering rates at December’s FOMC meeting in a couple of weeks (at least in the minds of market participants). 227,000 new jobs were created in November. The unemployment rate inched a little higher to 4.2%. As mentioned, the markets are fully expecting the Fed to lower the Fed Funds rate another quarter of a point on December 18th. Only a real hot CPI print next week would likely provide any deterrent.
As for today, the market averages were mixed and by the close the Dow Jones Industrial Average was down 123 points to finish the day at 44,642. The S&P 500 was up 15 points to close at 6,090. The Nasdaq Composite Index was up 159 points to close at 19,859. Gold was up $8 to trade at $2,656 per ounce, while oil was down $1.16 to trade at $67.14 per barrel WTI.
With the Fed providing a warm and tropical tail wind, the bulls are still comfortably perched on the high ground. And if I’m not mistaken, I think I am beginning to hear sleigh bells ringing.
Have a great weekend everyone.
Jim
