Stocks had a wild ride today as positive economic data and hopes of a Senate tax bill sent shares higher in early trading. But word of a North Korean missile test sent stocks southward giving up much of the earlier gains. After remembering that flying missiles are good for stocks, shares moved back higher only to be buoyed by the Senate tax bill getting out of committee. Did you get all that? There will be a test at the end.
For the day, the Dow Jones Industrial Average was up 255 points to finish the day at 23,836. The S&P 500 was up 25 points to close at 2,627. Gold was down $2 to trade at $1,292 per ounce, while oil was down $.20 to trade at $57.91 per barrel WTI.
As I mentioned, economic news was good as the consumer confidence number soared to a new 17 year high. The bears have been trying to stop this bull market surge all year long, but can’t find anything yet to get the trick done. They still have hope that the Republicans will mess up the tax reform bill or perhaps the President will push the Congress into a government shutdown, but it appears that politicians might be the bears’ last hope in 2017. Today was a wild day of trading. Let’s see what tomorrow brings.
Have a nice evening everyone.