Friends
We hope everyone had a great holiday season. As for today, it looked like traders came in all fired up to buy some stocks this morning but after the first hour of trading the rally lost its sizzle. The Dow’s 170 point rally quickly dissipated and stocks fell back towards neutral territory. In the last hour of trading however the bulls seemed to regain their nerve and stocks rallied to post nice gains for the first trading day of the year.
By the close, the Dow Jones Industrial Average was up 119 points to finish the day at 19,881. The S&P 500 was up 19 points to close at 2,257. Gold was up $7 to trade at $1,158 per ounce, while oil after an initial rally was down $1.42 to trade at $52.30 per barrel WTI. Nat Gas was down $.391 to finish trading at $3.333.
If nothing else, it appears for at least one day we have shaken off the stock trading malaise that seemed to sweep over Wall Street the last couple of weeks. The last few Januarys have been hazardous for the bulls, so we will be watching closely to see how January 2017 begins to unfold. The President Elect continues to keeps market participants on their toes with his numerous daily tweets, and of course we have earnings season coming over the next several weeks. We’ll keep you informed as we get the new year off and running. Stay tuned.
Have a nice evening everyone.
