Friends
Stocks added to yesterday’s monster gains as interest rates continue to fall along the yield curve. As mentioned, it’s a somewhat goldilocks scenario for the bulls- slow growth, moderating inflation, full employment, retail spending, and falling interest rates. Not too hot and not too cold.
As for today, by the close the Dow Jones Industrial Average was up 158 points to finish the day at 37,248. The S&P 500 was up 12 points to close at 4,719. The Nasdaq Composite Index was up 27 points to close at 14,761. Gold was up $53 to trade at $2,050 per ounce, while oil was up $2.15 to trade at $71.62 per barrel WTI.
Ironically, this robust market might actually work against the narrative as it becomes stimulative and potentially inflationary. But, alas, the predominate narrative remains that the economy will slow next year allowing/forcing the Fed to lower rates. In the meantime, the bulls are leaving the light on for Santa as the year-end draws near.
Have a nice evening everyone.
