Friends
After yesterday’s pause, the bulls rallied the Dow to an early triple digit gain, only to see some of the gains whittled away by the close. Market participants were encouraged by the final revision to third quarter GDP which came in at a surprisingly robust 4.1 %. It appears that we finally are getting positive responses to good news.
For the day, the Dow Jones Industrial Average was up 42 points to finish the day at 16,221. The S&P 500 was up 8 point to close at 1818. Gold was up $7 to trade at $1201 per ounce, while oil was up $.11 to trade at $99.15 per barrel WTI.
The biggest news of the week came from the Federal Reserve indicating the beginning of the tapering process. We were expecting fireworks this week and we got it. Let’s see if this momentum carries into next week, which will be shortened by the Christmas Holiday.
Have a nice weekend everyone.
