Friends,
After yesterday’s slow grinding 100 point Dow loss, stocks staged a nice rally today (dare I say the beginning of a Santa Claus rally?). Nothing like a couple of nice European bond auctions and quiet European politicians to help spark a little love here domestically. For the day, the Dow Jones Industrial Average was up 337 points to finish the day at 12,103. The S&P 500 was up 35 points to close at 1,241. Gold climbed back over $1600 to close around $1615 up $18.50 for the day. Oil was up over $3 to finish over the $97 per barrel WTI mark.
We still have a lot of work to do technically but it was nice to see the Dow close over 12,000. We need the S&P to get through 1265 to really get this party started. Unfortunately, a European headline can change the direction at any moment, but for today we’ll enjoy the rally and hope for the best.
Have a nice evening everyone.
