Friends
President Trump delivered a standard, cookie cutter type address to Congress last night (and did a good job delivering it), and the stock market loved it. There was some fear going into the speech that fireworks could erupt and a bad taste could be left in investor’s mouths, but just the opposite happened. The President hit the right tone and temperament and stocks were off to the races at the opening.
By the close, the Dow Jones Industrial Average had cleared 21,000 quite easily, and was up 303 points to finish the day at 21,115. The S&P 500 was up 32 points to close at 2,395. Gold was down $3 to trade at $1,250 per ounce, while oil was down $.24 to trade at $53.77 per barrel WTI.
Yesterday’s pause in the stock market turned out to be a pause that refreshed. Stocks continue to push higher despite the fact that the odds of a Fed rate hike in March have increased significantly due to improving economic data. This is a breathtaking move to observe. Let’s see if the bears continue to retreat. The bulls have owned the high ground for month’s now winning battle after battle. Stay tuned.
Have a nice evening everyone.
