Friends
Stocks continued to try to push higher though it does appear that even the most enthusiastic bulls are beginning to run out of gas just a bit. This morning’s CPI inflation report was about as expected with year over year inflation still at about 2.6%. As we know, despite inflation still being above the 2% target, the Fed has already begun easing of monetary policy.
As for today, by the close the Dow Jones Industrial Average was up 47 points to finish the day at 43,958. The S&P 500 was up 1 point to close at 5,985. The Nasdaq Composite Index was down 50 points to close at 19,230. Gold was down $25 to trade at $2,581 per ounce, while oil was down $.05 to trade at $68.07 per barrel WTI.
Market participants are monitoring President Elect Trump’s administration nominations like the NFL draft, with some players being drafted where they were expected to be while others are surprises out of left field. It should be a very interesting time as we move into a new administration. In the meantime, as I have said, it’s hard to find anything to derail the rally as it heads towards year end. But of course, we will see.
Have a nice evening everyone.
Jim
