The Republicans all gathered at the White House to celebrate the passing of the tax reform bill with a very pleased Donald J Trump. The market greeted the celebration with a major yawn. Stocks drifted aimlessly during the entire trading session, finally ending up in negative territory. Market participants may be just fine with holding the hand that they have into the year-end.
By the close, the Dow Jones Industrial Average was down 28 points to finish the day at 24,726. The S&P 500 was down 2 points to close at 2,679. Gold was up $4 to trade at $1,268 per ounce, while oil was up $.53 to trade at $58.09 per barrel WTI.
Do the bulls have one more charge in them before year-end, or are they about out of gas? The bears seem to have slipped back into their caves, hoping and waiting to fight another day. 2017 has been a difficult year for those betting against stocks. As Christmas approaches, with the tax bill and the Fed move now behind us, is there any type of catalyst left to move stocks before year end? We’ll get you to the finish line. Stay tuned.
Have a nice evening everyone.