Stocks had a nice day with the market averages challenging new all-time highs, led by the big boys -Amazon, Apple, Google and Facebook. After the initial early morning surge, traders seemed to disappear and stocks just floated along a rather flat line.
For the day, the Dow Jones Industrial Average was up 160 points to close at 23,590. The S&P 500 was up 16 points to finish the day at 2,599. Gold was up $4 to trade at $1,280 per ounce, while oil was up $.50 to trade at $56.92 per barrel WTI.
With earnings season behind us, traders’ focus will turn to the Fed meeting in December and of course whether a tax bill will actually pass before year-end. Other than that, the bears have their work cut out for them. Momentum has been with the bulls all year long. It will take a mighty effort to disrupt that momentum before year-end. Of course, there’s always those politicians…
Have a nice evening everyone.