Friends
On Tuesday (Christmas Eve) we had a nice rally in a shortened trading session but today Santa had difficulties getting his sleigh off the ground. It was a very quiet trading session, and I suspect it will be quiet tomorrow too.
By the close, the Dow Jones Industrial Average was up 28 points to finish the day at 43,325. The S&P 500 was down 2 points to close at 6,037. The Nasdaq Composite Index was down 10 points to close at 20,020. Gold was up $19 to trade at $2,654 per ounce, while oil was down $.58 to trade at $69.52 per barrel WTI.
The long bond’s yield moved higher early this morning but backed off this afternoon which helped the bulls become more comfortable doing some late day buying. The long end of the yield curve moving higher is a headwind for stocks right now and one to keep an eye on. We’ll discuss bonds a little more in detail as the we look into 2025. In the meantime, let’s see how the week finishes out tomorrow.
Hope everyone had a great Christmas.
Jim
