Stocks started slow this morning, gathered some steam midday, and then seemed to run out of gas in the afternoon portion of the trading session. As analyst turn their attention to making predictions/guesses for what the market will do in 2018, 2017 looks to be coasting into yearend.
As for today, by the close the Dow Jones Industrial Average was up 55 points to finish the day at 24,782. The S&P 500 was up 5 points to close at 2,684. Gold was up $2 to trade at $1,271 per ounce, while oil was up $.16 to trade at $58.25 per barrel WTI.
We’ll discuss our outlook for 2018 in our 1st Quarter Outlook piece in a couple of weeks, but suffice it to say that the economy is relatively good, inflation is relatively low, interest rates are slightly rising -but still low, and now it is likely that S&P earnings are going to be buoyed by the new tax reform bill. That’s the good news. Stocks haven’t seen any meaningful pullback in almost 2 years- that’s the worrisome news. Stay tuned.
Have a nice evening everyone.