Friends
It was all about the stodgy old Dow Jones Industrial Average today as the S&P 500 and Nasdaq sat out most of the action. Yep, that stodgy old Dow hit a new all-time high today. To think when I placed my first trade in this business the Dow was trading around 1000. Now more than 40 years later the oldest market average (first published in 1896) is approaching 49,000. It’s been a wild ride along the way, but just another testament to long-term investing.
As for the rest of picture today, by the close the Dow was up 646 points to finish the day at 48,704. The S&P 500 was up 14 points to close at 6,901. The Nasdaq Composite Index was down 60 points to close at 23,593. Gold was up $76 to trade at $4,300, while oil was down $.69 to trade at $57.77 per barrel WTI.
Actually, it was rather quiet for the day after a Fed rate cut. Often the previous day’s direction is reversed. Are we all clear into the new year? Let’s first see what the old guy in the red suit has to say in the coming days. We’ll talk more about that next week. For now…
Have a nice evening everyone.
