The house did pass the tax bill this afternoon and now it heads to the senate for the vote. After a quick up opening, stocks spent the day modestly in negative territory. With the bullish action recently a little pause is surely not a surprise. You might see a little of the “sell the news” effect with regards to the tax bill also. Other than that, Santa seems fat and happy this year and poised to finish out a good year for stocks.
As for today, by the close the Dow Jones Industrial Average was down 37 points to finish the day at 24,754. The S&P 500 was down 8 points to close at 2,681. Gold was down a fraction to trade at $1,265 per ounce, while oil was up $.30 to trade at $57.49 per barrel WTI.
With the Fed move behind us and perhaps the tax bill (baring any surprises), market participants will simply be focusing on getting the year in the books. Other than a shocking political headline, the coast seems clear for Santa to arrive and deliver a last minute present to investors. Let’s hope his GPS system is dialed in and he doesn’t veer off track.
Have a nice evening everyone.