Friends
We are still waiting to see who the next President of the United States will be. It appears that it will be Joe Biden, but that is not official yet. Also, it appears that the Senate will remain in the hands of the Republicans, but that is not certain yet either. So, the markets hate uncertainty right? Well, apparently not this week. Stocks have been up every day this week but unlike yesterday, most everything seemed to participate in the rise during today’s trading session. An FOMC meeting concluded today and Chair Powell had his press conference, but not surprisingly there was no change in Fed policy.
As for today, by the close the Dow Jones Industrial Average was up 542 points to finish the day at 28,390. The S&P 500 was up 67 points to close at 3,510. The Nasdaq Composite Index was up 300 points to close at 11,890. Gold was $55 to trade at $1,951 per ounce, while oil was down $.65 to trade at $38.50 per barrel WTI.
Perhaps the markets are looking past all of the political intrigue and expecting that if we get good news on vaccines and therapeutics in the next 30 days things will be set up for an economic recovery next year regardless of who is President. Whatever the reason, it has been a big week for stocks. Let’s see how we finish out the week tomorrow.
Have a nice evening everyone.
