Friends
Renewed hopes that the Fed might actually cut the Fed Funds rate in December aroused the interest of market participants and stocks moved higher throughout the trading session. Given that additional rate cuts are very likely going forward it is sort of interesting that the markets are so worried about the December FOMC meeting. But anyway, at least for the day stocks caught a bid.
By the close the Dow Jones Industrial Average was up 493 points to finish the day at 46,245. The S&P 500 was up 64 points to close at 6,602. The Nasdaq Composite Index was up 195 points to close at 22,273. Gold was up $10 to trade at $4,070 per ounce, while oil was down $1.03 to trade at $57.97 per barrel WTI.
It was a difficult week for the bulls, but at least they were able to post a win in today’s session. Let’s see how the shortened Thanksgiving week begins to unfold on Monday. Stay tuned.
Have a great weekend everyone.
