Friends
As our city of Houston attempts to recover, Irma is now assaulting islands in the Caribbean and threatening Florida and beyond. That would have been the biggest news of the day had President Trump not made a deal with Chuck Schumer and Nancy Pelosi on extending the debt limit right in front of Mitch McConnell and Paul Ryan. Though, a bit of a shock, the markets liked the idea that at least for a few months the debt ceiling might be off the table. It wasn’t a big win for the bulls, but the bears were unable to pile onto yesterday’s losses.
By the close, the Dow Jones Industrial Average was up 54 points to finish the day at 21,807. The S&P 500 was up 7 points to close at 2,465. Gold was down $6 to trade at $1,338 per ounce, while oil was up $.44 to trade at $49.10 per barrel WTI.
All eyes will be on Irma to see what path she decides to take and just what additional toll she’ll take. Politics will remain completely unpredictable, but we’ve been dealing with that for months. In addition, we’ll be watching to see if there is any new sabre-rattling from North Korea this weekend. Hmm, there always seems to be a wall of worry for the markets to climb.
Stay Strong Houston
