Friends
Stocks added to yesterday’s gains as we might be entering a void created by earnings season winding down, the next FOMC meeting being a month away, and the Presidents tax plan a couple of weeks away from being unveiled. The bulls seems to have the upper hand as the bears have been unable to mount any serious resistance since the election. The bears may have valuation a bit on their side, but stock valuations can stretch far and long before those bears might ever be rewarded.
As for today, by the close the Dow Jones Industrial Average was up 96 points to finish the day at 20,269. The S&P 500 was up 8 points to close at 2,316. Gold was down $2 to trade at $1,234 per ounce, while oil was up $.79 to trade at $53.79 per barrel WTI.
We’ll get a little more on the economic front next week, including the PPI and CPI numbers, as well as retail sales, housing starts and leading indicators. We also have Janet Yellen’s testimony in front of the Senate Banking Committee on Tuesday. But, as we have seen, the President is the one who is controlling the news cycle and we have to take that on a day by day basis (minute by minute, actually). So far, stocks have reacted mostly positive to the energy coming from the White House. We’ll see if the trend is able to continue over the next several of weeks. We’ll be here to keep you up to date.
Have a great weekend everyone.
