We had a bit of a reversal today as stocks opened to the upside, continued to push higher, then finally ran out of gas in the last hour of trading. Good earnings reports from Walmart and Cisco helped fuel the advance at the open, then the House passing its tax bill pushed shares higher in the afternoon.
By the close, the Dow Jones Industrial Average was up 187 points to finish the day at 23,458. The S&P 500 was up 21 points to close at 2,585. Gold was up a fraction to trade at $1,278 per ounce, while oil was down $.14 to trade at $55.19 per barrel WTI.
Did the bears lose their less than firm grip on the situation, or was this just a one day snap back rally after several weaker sessions? It was a mixed week for retailers and there definitely were some winners and some losers. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.