Friends
As expected, market volatility continued today but this time stocks moved higher. Despite additional cases of the Omicron variant surfacing in the U.S., the oversold conditions in stocks attracted the dip buyers. More importantly, the advance was much broader based than we have seen recently and the shares of Apple were actually down thus not contributing to the advance in the market averages.
By the close, the Dow Jones Industrial Average up 617 points to finish the day at 34,639. The S&P 500 was up 64 points to close at 4,577. The Nasdaq Composite Index was up 127 points to close at 15,381. Gold was down $14 to trade at $1,769 per ounce, while oil was up $1.31 to trade at $66.90 per barrel WTI.
Market participants have had a lot to chew on this week and the markets have seen some dramatic swings. The Fed’s hawkish turn has been noted and Omicron is certainly already among us as we are seeing new cases reported almost hourly now. So we have some headwinds for stocks to deal with into the holiday season. Let’s first see how the week finishes out tomorrow.
Have a nice evening everyone.
