Friends
Though the headlines will show the Dow with a modest gain, this was a less than stellar day for stocks overall. The S&P gave up a nearly 1% early gain and the Nasdaq, which was weak all day long, ended with a greater than 1% loss. We have seen many reversals recently, but almost all have been stocks erasing losses that the market averages experienced early in trading sessions with late day rallies. Today was the opposite, with stocks giving up large early gains.
By the close, the Dow Jones Industrial Average was up 58 points to finish the day at 24,290. The S&P 500 was down 2 points to close at 2,639. Gold was down $3 to trade at $1,278 per ounce, while oil was down $.95 to trade at $57.41 per barrel WTI.
On the economic front, this week will be about jobs, as we get the ADP private payroll number on Wednesday and the government non-farm payroll number on Friday. Of course, like Friday, political headlines and the progress of the tax bill will continue to be on the forefront of traders’ minds. Today might have been the sell on the news moment that we anticipated with regards to the tax bill. We also continue to see the rotation from big cap growth to big cap value. Will this continue into year end? Let’s see how this first full week of December sets a tone for the final month of the year.
Have a nice evening everyone.
