Friends
As the odds of a Fed rate cut in December go back up, so does the stock market. Market participants are now betting that labor market softness will give the Fed ammunition they need to raise the Fed Funds rate at the December FOMC meeting. The bulls are attempting to recover the losses of the past two weeks and if this upward trend continues, they could do that in days.
As for today, by the close the Dow Jones Industrial Average was up 664 points to finish the day at 47,112. The S&P 500 was up 60 points to close at 6,765. The Nasdaq Composite Index was up 153 points to close at 23,025. Gold was up $37 to trade at $4,131 per ounce, while oil was down $.77 to trade at $58.07 per barrel WTI.
The market averages are still down for the month, but the bulls have things going in the right direction so far this week. Let’s see how tomorrow goes before we close for Thanksgiving on Thursday.
Have a nice evening everyone.
