Friends
Bitcoin bounced back today and so did stocks. While the direction of cryptocurrencies may not be the only factor determining stock prices day to day, it sure is a factor. The other big driver of market action right now is the belief that the Fed is likely to lower rates at next week’s FOMC meeting. Of course, that narrative has changed a couple of times over the past several weeks, so nothing is etched in stone.
As for today, by the close the Dow Jones Industrial Average was up 185 points to finish the day at 47,474. The S&P 500 was up 16 points to close at 6,829. The Nasdaq Composite Index was up 137 points to close at 23,413. Gold was down $36 to trade at $4,239 per ounce, while oil was down $.68 to trade at $58.64 per barrel WTI.
The bulls appear to have recovered from the mid-November pullback and look to drive markets higher into year-end. Of course, the Fed will have to cooperate. Let’s see if tomorrow the bulls can make it two in a row. Stay tuned.
Have a nice evening everyone.
